SPY - Nasdaq S&P 500 Futures Climb Cautiously As Wall Street Holds Breath For Key Inflation Data | Benzinga
Wall Street displayed cautious optimism on Tuesday as traders awaited the crucial February consumer price inflation report. Lower-than-expected inflation could fuel hopes of the Fed implementing rate cuts this year, driving the current market rally. Conversely, a higher-than-expected figure could trigger a sell-off. Oracle Corp.’s (NYSE:ORCL) positive earnings reaction could boost the tech sector.
Cues From Previous Session:
Monday’s session reflected nervousness about the upcoming inflation report and its impact on monetary policy. Major indices entered the session after experiencing losses for the week ending March 8th. Opening lower and falling further initially, the indices pared their losses throughout the day but closed mixed. The tech-heavy Nasdaq and broader S&P 500 closed lower, while the Dow Industrials managed a slight gain. Small-cap stocks underperformed larger counterparts, surrendering some recent gains.
Fund manager Louis Navellier said the market caution was due in part to the CPI and PPI data coming, “which may confirm that marching from 3% inflation to the Fed’s 2% target is likely to be challenging.”
Real estate, industrials, IT, consumer discretionary, communication services, and healthcare sectors closed in the red. Energy, materials, utilities, financials, and consumer staples gained ground.
Index Performance (+/-) Value
Nasdaq Composite -0.41% 16,019.27
S&P 500 Index -0.11% 5,117.94
Dow Industrials +0.12% 38,769.66
Russell 2000 -0.81% 2,065.88
Analyst Color:
The fast start to ...