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Updated: U.S. stock futures were mixed but mostly flat Monday evening, just hours before the latest data on consumer price inflation to draw the attention of anxious investors.
As of 10:20 p.m., S&P e-Mini futures were up 0.14%, while S&P 500 futures were -0.01%. Dow Jones Industrials futures were 0.03% lower, while Nasdaq futures were -0.01%.
That followed a Monday of gains for stocks with broad advancers, led by Energy and Information Technology.
Headline consumer price inflation is expected to ease yet again, suggesting it might have peaked in June, while core CPI is expected to tick up slightly year-over-year.
Major market averages had moved higher on Monday as investors brace for the last full week of economic numbers before the next Fed decision.
The Nasdaq Composite (COMP.IND) finished Monday’s regular session +1.1%, the S&P 500 (SP500) +0.9%, and the Dow (DJI) +0.5%.
The S&P “mounted a solid 3.65% rally last week with confirmation from two NYSE 80% up days (9/7 and 9/9), as well as from a bullish outside week, as oversold breadth indicators trumped a lack of true capitulation from tactical sentiment,” BofA technical strategist Stephen Suttmeier wrote.
Of the 11 S&P sectors, all of them traded in positive territory and were led higher by the Energy and Info Tech segments of the market.
Rates were little changed. The 10-year Treasury yield (US10Y) was up 3.9 basis points to 3.36% and the 2-year yield (US2Y) was flat at 3.57%.
As for inflation, “The recent slump in commodities, with WTI firmly below $100 per barrel throughout the month, is likely to put downward pressure on the headline number as are gas prices being down -12% over the month,” Deutsche Bank’s Jim Reid wrote. “However, the resilience of the labor market is among the forces that could propel the core gauge higher.”
“Expect a fair amount of attention on what now seems to be sharp falls in used cars after runaway price rises during COVID. On the flip side our models suggest rents should continue to climb for a few more months before falling. So they’ll likely be a few opposing forces in the release.”
Elsewhere, Biden to sign executive order to boost funding for U.S. biomanufacturing.
Image and article originally from seekingalpha.com. Read the original article here.