Wall Street set for mixed opening ahead of inflation readings
US stocks are expected to open mixed as investors turn their attention to latest inflation data, due for release over the next two days.
Futures for the Dow Jones Industrial Average declined 0.03% in Tuesday pre-market trading, while the broader S&P 500 index added 0.07% and those for the tech-heavy Nasdaq 100 gained 0.27%.
Stocks closed higher on Monday after the House of Representatives late Friday passed a more than $1 trillion infrastructure bill that would provide new funding for projects such as transportation, utilities and broadband.
At the close, the Dow rose 104 points to 36,432, while the S&P 500 gained 4 points at 4,702 and the Nasdaq added 11 points at 15,982.
Ahead of the release of the Consumer Price Index for October on Wednesday, the Producer Price Index for the same month will be in focus today.
“There wasn’t an awful lot of newsflow for investors yesterday as they looked forward to tomorrow’s US CPI release, but the astonishing equity advance showed no signs of relenting just yet, with the S&P 500 up for an 8th consecutive session to another record high,” commented Deutsche Bank strategist Jim Reid.
“For reference, that’s the longest winning streak since April 2019, and if we get a 9th day in the green today, that would mark the longest run of consecutive gains since November 2004, back when George W. Bush had just beaten John Kerry to win a second term. It’s also 17 out of 19 days up, which hasn’t happened since December 1971.
“All these records for various equity indices might seem jarring when you consider that there are still strong inflationary pressures in the pipeline, and with them the prospect of a renewed hawkish shift by central banks,” Reid added.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/965672/wall-street-set-for-mixed-opening-ahead-of-inflation-readings-965672.html
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