6.30 a.m.: upcoming CPI release
In pre-market trading on Tuesday, futures for the Dow Jones Industrial Average (DJIA) increased by 0.1%, those for the larger S&P 500 index up by 0.3%, and those for the Nasdaq 100 increased by 0.4%.
At 8:30 a.m. Eastern Time, the Consumer Price Index (CPI) for January is set to be released. Core inflation is predicted to have slowed to 5.4% from 5.7% in December, while headline inflation has slowed to 6.2% from 6.5% a month earlier.
Core inflation is projected to be constant on a monthly basis at 0.4%, but headline inflation is seen to be increasing gradually from 0.1% to 0.5%.
The DJIA finished Monday up 1.1% at 34,256, the Nasdaq Composite up 1.5% to 11,892, and the S&P 500 increased 1.1% to 4,137 ahead of today’s CPI data.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, stated that “a sufficiently mild, or ideally a softer-than-expected CPI report today should offer an extra boost to the equities bulls and drive the S&P500 to fresh highs in the actually bullish trend.”
Coca-Cola, AirBnB, and Marriott are among the businesses releasing fourth-quarter results today as earnings season continues.