Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA on September 9, 2022.
Brendan McDermidt | Reuters
Stock futures were higher on Sunday night as Wall Street looked ahead to key inflation data to be released this week.
Dow Jones Industrial Average futures rose 77 points, or 0.24%. S&P 500 and Nasdaq 100 futures rose 0.30% and 0.38%, respectively.
The moves came after a winning week for U.S. stocks in the three major averages Snapped a three-week losing streak. The Dow added 2.66% for the week, while the S&P 500 gained 3.65%. The Nasdaq composite was up 4.14%.
Stocks were volatile ahead of the Federal Reserve’s September meeting, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.
Wall Street investors were looking for signs that future rate hikes may be smaller as inflation eases, with Fed Chair Jerome Powell reiterating last week that he is “strongly committed” to keeping inflation low.
This week, investors are looking ahead August Consumer Price Index Report, It is scheduled to be released on Tuesday. The report is one of the last data on inflation the central bank will look at ahead of its September meeting. Retail sales and industrial production reports will be released on Thursday.
“Another 0.3% increase in the key rate is expected for August, and if the number is higher, it will be negative for stocks and bonds. If the report is lower, it will be a catalyst for the market rally,” said David Donabedian, chief investment officer at CIBC Private Wealth US “Retail sales last month.” It is expected to remain flat in August as well.”