Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA, September 9, 2022.
Brendan McDermid | Reuters
Stock futures were flat on Monday morning as Wall Street anticipates key inflation data to be released this week.
Dow Jones Industrial Average futures were little changed. S&P 500 futures were down 0.06% and Nasdaq 100 futures were down 0.06%.
The moves came after a winning week for US stocks as the three major averages snapped a three-week losing streak. The Dow rose 2.66% for the week, while the S&P 500 gained 3.65%. The Nasdaq Composite rose 4.14%.
Stocks have been volatile ahead of the Federal Reserve’s September meeting, where the central bank is expected to make its third straight hike of 0.75 percentage points in an effort to combat high inflation.
Wall Street investors had been looking for signs that the size of future rate hikes could be smaller as inflation cools, with Fed Chairman Jerome Powell reiterating last week that he is “strongly committed” to reduce inflation.
This week, investors await the August consumer price index report, due out on Tuesday. The report is one of the last inflation data the Fed will see before the September meeting. The retail sales and industrial production reports will be released on Thursday.
“With the expectation of another 0.3% hike in the core rate for August, if the number is higher, it will be negative for stocks and bonds. If the report is lower, it will be a catalyst for a market rally,” David Donabedian. , chief investment officer at CIBC Private Wealth US “Retail sales are also expected to be flat in August, as they were last month.”