Commuters leaving the Wall Street subway station near the New York Stock Exchange.
Michael Neagle | Bloomberg | Getty Images
Futures contracts related to the US major stock index were mixed during early Thursday morning trading as investors focused on major inflation reports scheduled for later that day.
The US market continued to trade within a tight range on Wednesday, with all three major indices closing the day within 0.5% of Tuesday’s closing price. The Dow, S & P 500 and Nasdaq Composite all fell during normal trading, ending the session further away from their respective record highs.
The S & P 500 continues to be closest to the benchmark, just 0.44% off record highs. The Dow and Nasdaq are about 2% off record.
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Investors are waiting for the next reading on inflation to determine if the rise in price pressure is temporary as the economy continues to recover from the recession caused by the pandemic.
The Ministry of Labor will release consumer price index data on Thursday at 8:30 EST. Economists surveyed by Dow Jones expect the consumer price index to rise 4.7% year-on-year in May after a 4.2% rise in April.
Investors have been worried over the weeks that rising inflation could slow the Fed’s pace of asset purchases and begin suggesting interest rate hikes. Still, these concerns are premature, and some say the central bank will give enough time to get into the market.
“We believe the Fed’s easy-money policy will continue for some time,” said Scott Len, senior global market strategist at the Wells Fargo Investment Institute.
“We don’t expect the Fed to raise rates this year or next, but we think it’s likely to start suggesting that the central bank is considering curtailing bond purchases this fall.” It means that we will continue to focus on the cyclical sector, which is sensitive to the ups and downs of the economy. “
Equity futures vary as investors wait for major inflation reports
Source link Equity futures vary as investors wait for major inflation reports