VIPS - Nasdaq S&P 500 Futures Edge Up Ahead Of Key Inflation Data; Analyst Says Week's Main Street Events Could Awaken Market | Benzinga
The mood on Wall Street relays cautious optimism as stock futures traded modestly higher ahead of the open on Tuesday. The October inflation data could largely determine the day’s trading direction, given the Federal Reserve’s fixation on prices notwithstanding their recent two pause decisions. The headline number is expected to slow both year-over-year and month-over-month. An in-line to tamer number could reignite the rally that has lost steam.
The Dow could receive support from a rally in the shares of Home Depot, Inc. (NYSE:HD), which reported a third-quarter beat. Bond yields edged lower ahead of the inflation data.
Cues From Monday's Trading:
Stocks closed mixed on Monday amid nervy trading as traders mulled over the impact of Moody’s U.S. rating outlook cut and looked ahead to some key data releases scheduled for the week.
The major averages opened lower but cut their losses through the morning session. The major indices moved roughly sideways in the afternoon, moving in a narrow range around the unchanged line before closing mixed.
The Dow Industrials ended higher, thanks to stock-specific strength, while the Nasdaq Composite and the S&P 500 Index finished modestly lower.
Energy and healthcare stocks were among the best-performing S&P 500 sectors, while real estate, utility and IT stocks moved notably lower.
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