Stock futures rose on Monday as Wall Street looked ahead to key inflation data to be released this week.
Dow Jones Industrial Average futures rose 71 points, or 0.2%. S&P 500 futures rose 0.4%, and Nasdaq 100 futures rose 0.5%.
The moves came after a week of victories for US stocks, as the three major averages A three-week losing streak was cut short. The Dow added 2.6% for the week, while the S&P 500 added 3.7%. The Nasdaq Composite Index rose 4.1%.
Stocks were volatile ahead of the Federal Reserve’s September meeting, when the central bank is expected to raise interest rates for the third time in a row by 0.75 percentage points in a bid to combat high inflation.
Wall Street investors were looking for signs that the size of future interest rate hikes may be smaller as inflation slows, Fed Chairman Jerome Powell confirmed last week that he is “strongly committed” to lowering inflation.
The European Central Bank announced a massive rate hike last week, which helped The recent rally in the US dollar has cooled off.
“We see the relief in stock prices and the broad dollar correction recently continuing into the week, as markets look to the central bank’s pessimism and put it on the relatively defensive in the short term,” Ibrahim Rahbari, Citi strategist, said in a note to clients.
This week, investors are looking forward to Consumer Price Index report for August, He is scheduled to be released Tuesday. This report is one of the last data on inflation that the Federal Reserve will see before its September meeting. Retail sales and industrial production reports will be released on Thursday.
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