Categories LATEST, Other Industries

Market: US stocks to open higher after inflation data

US stocks are set to open higher today as investors are convinced that the Federal Reserve will lift interest rates at a faster pace after the release of the stronger-than-expected US inflation data.

The S&P futures rose 0.48% to 2,710, Dow futures gained 0.93% to 25,095 and Nasdaq increased 0.58% to 6,725.75. Elsewhere, shares at Asian markets closed sharply higher on Thursday, while European stocks are scoring higher.

On February 14, after recovering from the initial drop, US ended the session sharply higher, with Dow up 1% to 24,893.49, Nasdaq up 1.9% to 7,143.62 and the S&P 500 gaining 1.3% to 2,698.63.

As expected by the investors, the consumer price index advanced 0.5% in January, exceeding the market consensus of 0.3% growth. Core consumer prices rose 0.3%, better than 0.2% growth expected by the economists. Compared to last year, inflation was 2.1% and core inflation was 1.8%.

Market analysts are expecting more volatility this year due to the rising consumer prices, despite the robust fundamentals as pointed by the investors.

Meanwhile, other key economic data that will be released today include jobless claims, producer price index data, the Empire State manufacturing survey and the Philadelphia Fed Manufacturing Business Outlook Survey. Also, the industrial production, the NAHB Housing Market Index and the Treasury International Capital data are scheduled for release today.

On the corporate front, Cisco Systems stock jumped more than 7% premarket after better-than-expected second quarter results driven by Broadsoft acquisition. TripAdvisor shares climbed more than 20% in the premarket despite a fall in fourth quarter earnings.

On the earnings front, Encana, Bombardier, TransCanada, Avon Products, CyberArk Software, CBS, Shake Shack and TrueCar are the key companies that are expected to release their earnings today.

Crude oil future is down 0.10% to $60.54. Gold is trading down 0.34% to $1,353.40 and silver is down 0.433% to $16.805. On the currency front, the US dollar is trading down 0.18% at 106.758 yen. Against the euro, the dollar is up 0.18% to $1.2476. Against the pound, the dollar is up 0.44% to $1.4064.

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top