Dow Futures Rise as Investors Monitor CPI
- Shams ul Zoha
- January 8, 2023
- 8:44 pm
WHAT YOU SHOULD KNOW
- Investors will be closely monitoring the December Consumer Price Index, which is expected to show a 0.1% increase from the previous month, resulting in an annualized rate of 6.6%.
- Additionally, they will be observing Michigan consumer sentiment, import and export prices, and any remarks from Federal Reserve Chair Jerome Powell and Federal Open Market Committee Member Harker
U.S. stock futures experienced a slight increase during Sunday’s overnight trading, following a weekly rise in major benchmark averages. This was likely due to the latest hourly earnings data and a contracting services sector, which could be pointing to a decrease in inflationary pressures.
At 6:30 pm Eastern Time (11:30 pm Greenwich Mean Time), the Dow Jones Futures had increased by 0.1%, the S&P 500 Futures had risen by 0.2%, and the Nasdaq 100 Futures had gained 0.4%.
This week, investors will be keeping a close eye on the December Consumer Price Index, which is forecasted to have a 0.1% month-on-month increase, resulting in an annualized rate of 6.6%, down from the 7.1% rate seen in the previous month.
Furthermore, Michigan consumer sentiment, import and export prices, as well as any remarks from Federal Reserve Chair Jerome Powell and Federal Open Market Committee Member Harker, will be carefully observed.
The upcoming earnings reports of several major banking companies, such as JPMorgan Chase&Co (NYSE: JPM), Bank of America Corp (NYSE: BAC), Citigroup Inc (NYSE: C), and Wells Fargo &Company (NYSE: WFC), are anticipated with anticipation.
On Friday, the Dow Jones Industrial Average experienced a significant increase of 700.5 points, or 2.1%, to 33,630.6. The S&P 500 followed suit, climbing 87 points, or 2.3%, to 3,895.1. The NASDAQ Composite also saw a notable rise, gaining 264.1 points, or 2.6%, to 10,569.3. For the week, the Dow rose 1.4%, the S&P 500 increased by 1.1%, and the NASDAQ was slightly higher by 0.1%.
The 10-Year Treasury yield for the United States was reported at 3.56% on the bond market.
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