U.S. stock futures edged higher Tuesday ahead of the latest reading on inflation, as traders await the latest verdict on how supply-side disruptions are impacting prices.
Futures on the Dow Jones Industrial Average
rose 0.2%, or 57 points, to 34811
Futures on the S&P 500
rose 0.1%, or 6 points, to 4465
Futures on the Nasdaq 100
were fractionally higher, up 5 points to 15434
On Monday, the Dow
jumped 262 points, or 0.8%, to end at 34869, ending a five-session losing run. The S&P 500
rose 10 points, or 0.2%, to 4468, while the Nasdaq Composite
slipped 10 points, or 0.1%, to 15105.
What’s driving markets
Traders await the latest consumer price data, due from the Labor Department, at 8:30 a.m. Eastern. Economists polled by The Wall Street Journal expect a 0.4% rise in August, and a 0.3% increase in core CPI.
Economists at TD Securities led by Jim O’Sullivan, a multiple winner of MarketWatch’s Forecaster of the Year competition, also expect a 0.4% increase in CPI, but a 0.2% rise in core prices. “Used vehicle prices, which have been surging, likely declined. Other travel items probably slowed as well,” the TD Securities economists said in a note to clients.
If they’re correct, that would be the slowest rise in the core reading since February. Core prices are closely scrutinized by central bankers because they more closely correlate with future inflation than the headline number.
What companies are in focus?
will be in the spotlight as the megacap tech star launches its latest iPhones at an event due to start at 1 p.m. Eastern.
Database software giant Oracle
edged 2% lower in after-hours trade as its revenue for its fiscal first quarter came in below Wall Street estimates.
How are other assets trading?
Chinese stocks continued to come under pressure, with the Shanghai Composite
falling 1.4% and the Hang Seng
dropping 1.2%. Analysts continue to focus on the declining fortunes of property giant China Evergrande
and a key slate of economics data is due on Wednesday.