US pre-open: Futures higher as investors look ahead to CPI reading
By Iain Gilbert
Date: Monday 08 Aug 2022
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Monday ahead of a key inflation report scheduled for later in the week.
As of 1215 BST, Dow Jones futures were up 0.45%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.54% and 0.70% firmer, respectively.
The Dow closed 76.65 points higher on Friday after an unexpectedly strong monthly jobs report somewhat alleviated recessionary concerns.
This week's primary focus will undoubtedly be Wednesday's consumer price index report, with the outcome likely to give market participants a clearer idea as to what the Federal Reserve's move may be at its next policy meeting in September. Investors are currently pricing in a higher likelihood of yet another 75 basis point rate hike next month - a third straight increase of the same amount.
Also in focus early on Monday was news that the Senate has passed a $430.0bn climate bill, the Inflation Reduction Act, which has now moved on to the House where it is expected to be passed before the end of the week.
In terms of earnings Revlon, BioNTech, and Energizer will report before the opening bell, while Take-Two Interactive, Groupon, and News Corp will publish their latest earnings figures after the close.
No major data points were scheduled for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
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