Today’s Stock Market Update: Brace for a Muted Open
Investors are anticipating important updates on inflation and the Federal Reserve’s policy statement on interest rates later in the week, and as a result, US stocks are predicted to have a quiet beginning on Monday.
At 6:25 p.m. Eastern time on Sunday, the futures for the Dow Jones Industrial Average remained stable with an increase of 9 points, while futures for the S&P 500 showed a small increase of 0.1%. Similarly, the Nasdaq Composite futures also rose slightly by 0.1%.
Both the global benchmark Brent crude and the West Texas Intermediate (WTI) crude oil futures experienced a slight dip in their worth, with each respectively decreasing by 0.2% and 0.04%. The upcoming week is set to bring forth a number of noteworthy company earnings and economic events including reports from Oracle, Lennar, Adobe, Jabil, and Kroger.
On Tuesday, the Bureau of Labor Statistics will reveal the consumer price index for May, while Wednesday will see the Federal Reserve’s monetary-policy committee disclose its decision on interest rates alongside the producer price index for May.
Come Thursday, the Census Bureau will unleash retail sales data for the same month, the number of worker filings for unemployment benefits in the week ended June 10 shall be unveiled by the Labor Department, and 0.25% is the estimated rise in the key short-term interest rate by the European Central Bank to 3.5%.
Wrapping up the week, Friday’s release from the University of Michigan will be the Consumer Sentiment Index for June.
