After ending the previous session little changed, stocks may turn in another lackluster performance during trading on Tuesday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures up by just 12 points.
A lack of major U.S. economic data may keep some traders on the sidelines ahead of the release of several key reports in the coming days.
The Labor Department’s report on consumer price inflation in the month of March is due to be released tomorrow morning and could have a significant impact on the outlook for interest rates.
Economists currently expect consumer prices to rise by 0.3 percent in March, while the annual rate of growth is expected to slow to 5.2 percent from 6.0 percent.
Core consumer prices, which exclude food and energy prices, are expected to climb by 0.4 percent in March, although the year-over-year growth is expected to accelerate to 5.6 percent from 5.5 percent.
Reports on produce price inflation, retail sales and industrial production are also likely to attract attention in the coming days.
Earnings news may also drive trading later in the week, with financial giants Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) due to report their quarterly results on Friday.
Stocks came under pressure in early trading on Monday but staged a notable recovery over the course of the session. The major averages climbed well off their worst levels of the day, with the Dow and the S&P 500 reaching positive territory.
The major averages eventually finished the session mixed. While the Nasdaq edged down 3.60 points or less than a tenth of a percent to 12,084.36, the S&P 500 inched up 4.09 points or 0.1 percent to 4,109.11 and the Dow rose 101.23 points or 0.3 percent at 33,586.52.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index jumped by 1.1 percent, while Hong Kong’s Hang Seng Index climbed by 0.8 percent.
The major European markets have also moved to the upside on the day. While the French CAC 40 Index has advanced by 0.8 percent, the U.K.’s FTSE 100 Index and the German DAX Index are both up by 0.3 percent.
In commodities trading, crude oil futures are inching up $0.06 to $79.80 a barrel after tumbling $0.96 to $79.74 a barrel on Monday. Meanwhile, after slumping $22.60 to $2,003.80 an ounce in the previous session, gold futures are climbing $12.50 to $2,016.30 an ounce.
On the currency front, the U.S. dollar is trading at 133.11 yen compared to the 133.61 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0912 compared to yesterday’s $1.0859.
Business News
U.S. Stocks May Lack Direction As Inflation Data Looms
2023-04-11 12:43:34
