Traders work on the trading floor of the New York Stock Exchange on December 10, 2024.
Brendan McDermid | Reuters
Stock futures were little changed late Tuesday as investors braced for incoming inflation data.
Dow Jones Industrial Average Futures Up 47 points, or 0.1%. S&P 500 Index Futures and Nasdaq 100 Futures Each index also rose 0.1%.
Traders are waiting to see what happens in November consumer price index reading Due in the morning. Economists polled by Dow Jones expected an inflation gauge tracking a basket of goods and services to rise 0.3% from October and 2.7% from a year earlier. Excluding volatile food and energy prices, the so-called core consumer price index would have risen 0.3% this month and 3.3% from 12 months ago.
This comes ahead of a producer price index report expected later this week. These are the last two major economic data expected before the Federal Reserve’s policy meeting next week. Fed funds futures are priced over 85% chance According to CME Group’s FedWatch tool, the central bank will lower interest rates at that meeting.
Tuesday night’s action follows a day of failure On Wall Street. This marks the second consecutive day of losses for the stock S&P 500 Index and Nasdaq Index and fourth consecutive negative trading day Dow Chemical.
Ross Mayfield, investment strategist at Baird, said Tuesday’s moves suggested the market was in “waiting mode” ahead of the CPI release. He added that market participants may be “a little worried” about what inflation might look like.
“You’re just seeing unwanted consolidation in this momentum trade,” Mayfield said. “While we think we’re still in a bull market, it’s obviously going to take a period of consolidation to catch its breath.”
Investors will also be watching monthly federal budget data expected on Wednesday. In terms of corporate profitability, they will monitor adobe Results are scheduled to be released after the bell.
