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Dow futures tick higher, CPI in focus

Investing.com 1/8/2023 Investing.com
Dow futures tick higher, CPI in focus © Reuters Dow futures tick higher, CPI in focus

By Oliver Gray 

Investing.com - U.S. stock futures lifted slightly during Sunday’s overnight deals, after major benchmark averages posted weekly advances as fresh hourly earnings data and a contracting services sector indicated easing inflation pressures.

By 6:30pm ET (11:30pm GMT) Dow Jones Futures were up 0.1%, S&P 500 Futures added 0.2% and Nasdaq 100 Futures were up 0.4%.

Ahead in the week, market participants will be focused on December’s Consumer Price Index, with the month-on-month reading expected to come in at 0.1%, bringing the annualized rate to 6.6% from 7.1%. In addition, Michigan consumer sentiment, import and export prices, while speeches from Federal Reserve Chair Jerome Powell and FOMC Member Harker will also be closely monitored.

On the earnings front, major banking companies including JPMorgan Chase&Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C) and Wells Fargo &Company (NYSE:WFC) are expected to report results.

During Friday’s trade, the Dow Jones Industrial Average added 700.5 points or 2.1% to 33,630.6, the S&P 500 gained 87 points or 2.3% to 3,895.1 and the NASDAQ Composite lifted 264.1 points or 2.6% to 10,569.3. For the week, the Dow lifted 1.4%, the S&P500 added 1.1% while the NASDAQ ticked 0.1% higher.

On the bond markets, United States 10-Year rates were at 3.56%.

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