The Dow Futures Edge Higher Before CPI Data
The release of the nation’s inflation numbers will be a key factor in determining how much the Federal Reserve will boost interest rates in the future. At the same time, investors await this data U.S. stock futures advanced.
At 7:00 AM ET, the Nasdaq 100 futures were up 18 points, or 0.1%, the S&P 500 futures were up 7 points, or 0.2%, and the Dow futures contract was up 58 points, or 0.1%. (1100 GMT) The minor gains came after all three of Wall Street’s major indexes closed Tuesday’s trading session down due to Micron Technology’s (NASDAQ: MU) bleak forecast, which impacted chip makers and tech companies.
How Much Of A Rate Rise Is Coming Our Way?
At its forthcoming meeting in September, the Fed should raise rates by 75 basis points, which would be the third major increase in a row. If there are any indications that inflation has peaked, policymakers may opt to reduce the pace of their fast monetary tightening. Walt Disney’s (NYSE: DIS) third-quarter results will be announced following the market close. Thus corporate earnings will also be a major topic of debate. Investors will be closely monitoring the Disney+ streaming service in light of the loss of the streaming rights to the Indian Premier League cricket and after rival Netflix (NASDAQ: NFLX) recently expressed satisfaction with its membership levels.
Although closures overseas cost the segment $350 million, it is projected that demand for Disney’s theme parks has significantly increased. Coinbase (NASDAQ: COIN) fell in premarket trading following the cryptocurrency exchange’s shocking $1.1 billion net loss for the second quarter, which it attributed to a “fast and furious” decline in the cryptocurrency markets. Video game developer Roblox’s (NYSE: RBLX) larger-than-anticipated second-quarter loss led its shares sharply lower premarket, and Wynn Resorts (NASDAQ: WYNN) underperformance was brought on by COVID issues at its Macau Resort.
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