Merchants work on the New York Inventory Trade flooring on November 12, 2024 in New York Metropolis.
Supply: NYSE
U.S. inventory futures traded close to the flatline Tuesday evening as Wall Avenue awaited the most recent shopper worth index information for insights on the tempo of inflation.
Futures tied to the Dow Jones Industrial Common slipped simply 15 factors, or 0.03%. S&P 500 futures and Nasdaq 100 futures additionally inched down round 0.1% every.
The most important averages fell throughout Tuesday’s most important buying and selling session because the market took a breather from its postelection rally. The 30-stock Dow fell round 382 factors, or 0.9%. The S&P 500 declined 0.3%, whereas the tech-heavy Nasdaq Composite inched down 0.1%.
A part of the market decline Tuesday “is just a bit little bit of a profit-taking based mostly on the sturdy features — particularly publish election — and a few of it might be just a few positioning forward of tomorrow’s inflation report and Friday’s retail gross sales report,” mentioned Tom Hainlin, senior funding strategist at U.S. Financial institution Wealth Administration.
Buyers might be trying towards October’s CPI numbers, scheduled for launch Wednesday morning, to see how a lot the prices of products and companies have risen. Economists surveyed by Dow Jones predict the CPI to extend 0.2% for the month, which might put the 12-month fee at 2.6%. The tempo of worth will increase can be one of many key parts to informing the Federal Reserve’s resolution to chop or preserve rates of interest.
Different notable financial information releases later this week embody the producer worth index information and retail gross sales numbers, which might be introduced on Thursday and Friday, respectively.
“This can be a busy week with shopper costs, producer costs, and retail gross sales. All of which may sign that the financial system stays sturdy,” mentioned Scott Helfstein, head of funding at World X ETFs.
To make certain, he added, “Satirically, markets could also be much less delicate to information this week after the election and the Fed reduce final week.”
