• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

Stock futures are muted ahead of key inflation data

by
November 10, 2021
in Breaking News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

U.S. equity futures were little changed early Wednesday morning as investors await key data that’ll be the next big indicator of how much rising price pressures are accelerating.

Related Posts

Goldman sees debt limit fight possibly hitting stocks this summer

WHO says Covid remains a global emergency but pandemic could near its end in 2023

How analysts are playing gig economy stocks ahead of earnings

I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 3 of the easiest ways you can catch up (and fast)

Dow Jones Industrial Average futures dipped 5 points. S&P 500 futures and Nasdaq 100 futures both hovered above the flatline.

In regular trading Tuesday, the Dow lost about 0.3% to close at 36,319.98. The S&P 500 fell 0.4%, snapping an eight-day win streak, and the Nasdaq Composite fell 0.6%.

Tesla shares ended nearly 12% lower in Tuesday trading, extending Monday losses.

“The weakness in Tesla (which is largely technical, not fundamental) is also weighing on the consumer discretionary sector within the S&P 500 today, and the October PPI may also be doing so as business input prices continue to rise,” Goldman Sachs’ Jeff Currie said in a note Tuesday. “The prospect of Covid transforming from pandemic to endemic, and the potential for supply chain congestion to moderate are all likely to continue to drive growth, albeit more slowly,” Currie added.

On Tuesday morning, the Labor Department reported a 0.6% increase in the October producer price index, which is in line with the Dow Jones consensus estimate. Wholesale prices jumped 8.6% in October from a year ago, however, the hottest annual pace on record in almost 11 years.

“Investor worries came to the fore again today,” Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company, told CNBC. “The inflation narrative is still out there and needs to be resolved. We think investors will see inflation abate in the coming months as the Fed remains accommodative, people come back into the workforce and consumers shift from buying goods to services… and we expect that will pull the market higher as we move toward the end of the year.”

Investors are holding their breath for the latest consumer price index reading, which the Labor Department will report Wednesday before the bell. Economists expect a 0.6% increase, or a year-over-year gain of nearly 6%, which would be the most in 30 years. They expect core CPI, which excludes food and energy and is the Federal Reserve’s preferred measure of inflation, to have risen 0.4%, or 4.3% year-over-year.

Weekly jobless claims and mortgage applications to purchase a home are also due out Wednesday.

Earnings season continues to be strong, with most of the S&P 500 companies who have already reported beating estimates, according to FactSet. Disney, Affirm, Bumble and The Honest Company are all scheduled to report Wednesday after the bell.

Next Post

Asia stocks mixed; shares of Chinese developer Fantasia plunge in return to trade

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Goldman sees debt limit fight possibly hitting stocks this summer

by
January 30, 2023
0

The actions of the Federal Reserve have been driving markets for the better part of the year, but investors may...

Read more

Goldman sees debt limit fight possibly hitting stocks this summer

How analysts are playing gig economy stocks ahead of earnings

WHO says Covid remains a global emergency but pandemic could near its end in 2023

If you want to be really rich, use these 3 Warren Buffett investing techniques that no one talks about

I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 3 of the easiest ways you can catch up (and fast)

Genius Brands stock soars after plans to spinoff $37 million Entrepreneur Resorts subsidiary

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews