Stock futures rise slightly ahead of Friday’s key inflation report
Traders at the NYSE floor, June 8, 2022.
The highly anticipated inflation report was expected to cause stock futures to move slightly higher Thursday night.
Futures linked to the Dow Jones Industrial Average increased 68 points (or 0.2%) Those for the S&P 500 and Nasdaq 100 gained about 0.2% each.
Investors can take a peek at the summary before the Friday opening bell. May consumer price index report. Dow Jones surveyed economists and found that they expect year-over-year increases of 8.3% and 5.9% in the main index. The core index excludes food prices.
Wall Street may interpret the results as an indication that inflation has peaked, and the Federal Reserve will need to take a more cautious approach later in the year, if they are consistent with expectations.
After that, the futures move comes. stocks fell sharply during Thursday’s regular session, with the S&P 500 and Nasdaq Composite each falling more than 2%. The Dow lost more than 600 points in the final hours of Wall Street trading, and was down over 600.
So far this week, Dow Jones is 1.9% lower, on course for its 10th losing week in a row. The S&P 500 and Nasdaq Composite are both off by more than 2%, on track for their ninth losing week in 10.
“I think that there’s still a pretty large degree of pessimism, which helps underpin markets, and the backand forth action is really the marketplace trying to make sense the next direction. And waiting for news flow,” explained Yung Yu Ma (chief investment strategist at BMO Wealth Management).
A preliminary reading of consumer sentiment for June will be released Friday after the stock markets open.