US pre-open: Stocks to edge up ahead of inflation data
By Michele Maatouk
Date: Friday 09 Dec 2022
(Sharecast News) - US stocks were set to edge up at the open on Friday as investors eyed inflation and consumer confidence data.
At 1055 GMT, Dow Jones Industrial Average futures were up 0.1%, while S&P 500 and Nasdaq futures were 0.3% and 0.4% higher, respectively.
James Hughes, chief market analyst at Scope Markets, said: "Wall Street is looking at some modest gains ahead of the open, building on Thursday's upbeat session despite those looming recession fears.
"There are however a number of data releases due out of the US today, including PPI inflation which could now be stagnant for the month-on-month reading, something that in turn could heighten concerns around another big rate hike from the Fed next week.
"Expect the Michigan Consumer Sentiment data to be under scrutiny, too. Opinions appear divided as to the direction of travel here, but again another decline would indicate that the Fed's stance on monetary policy is hitting hard."
Ahead of the open, he called the Dow up 29 points and the S&P up 10 points.
The producer price index for November is due at 1330 GMT, while Michigan consumer confidence is scheduled for release at 1500 GMT.
On the corporate front, Broadcom was set to be in focus following fourth-quarter earnings.
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