SPY - US Stock Futures Muted Hours Before Inflation Data Release: Analyst Sees S&P 500 Likely Retesting Highs On Milder CPI Reading | Benzinga
Stock futures are all in the green early Wednesday as traders factor in tame March inflation data. A hotter-than-expected number may not result in a big pullback, given the recent consolidation, said value investor and New York University Professor Aswath Damodaran. If the data meets expectations or comes in tamer than expected, pent-up buying could result in positioning the market to retest its highs.
Traders may also react to the Fed minutes due later in the day and a few Fed speeches.
Futures Performance On Wednesday ( as of 6:30 a.m. EDT)
Futures Performance (+/-)
Nasdaq 100 -0.04%
S&P 500 +0.03%
Dow +0.12%
R2K +0.01%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.04% to $519.51, and the Invesco QQQ ETF (NASDAQ:QQQ) slipped 0.01% to $442.17 according to Benzinga Pro data.
Cues From Previous Session:
Stocks went about in a lackluster manner on Tuesday, with the movement typical of a pre-inflation session. The major indices ignored a positive start and languished mostly below the unchanged. The pullback in bond yields helped nudge the indices higher in the final minutes of trading. While the Dow Industrials and the S&P 500 Index ended higher for the day, the Dow Industrials was marginally lower at the close, as interest-rate sensitive financial stocks ...