2023-07-10 05:56:45 ET
Stock index futures edged lower Monday with inflation and the earnings season kickoff ahead.
S&P future ( SPX ) -0.1% , Dow futures ( INDU ) -0.1% and Nasdaq 100 futures ( NDX:IND ) -0.2% were off slightly.
"The direction of travel over the next several weeks could be set by US CPI on Wednesday and will take something remarkable elsewhere for it not be the most important event this week," Deutsche Bank's Jim Reid said. "There is plenty of Fed speak before and after the release so their response to it and to payrolls last Friday will be very closely watched too."
"The other highlights in the US include the Beige Book (Wednesday), PPI, jobless claims (both Thursday), and the University of Michigan survey (Friday) which includes the important inflation expectations series. In addition, Friday sees JPMorgan ( JPM ), Citigroup ( C ) and BlackRock ( BLK ) report as Q2 earnings season slowly starts this week."
The market is still confident of a Fed hike at the next meeting. Fed funds futures price more than a 90% chance of a quarter-point rise. June payrolls undershot expectations for the first time in more than a year, but average hourly earnings came in hot.
Fed Vice Chairman Michael Barr speaks at the Bipartisan Policy Center at 11 a.m. ET. At the same San Francisco Mary Daly speaks at the Brookings Institute.
Shortly after the start of trading, May Wholesale Inventories figures are due. Economists expect a 0.1% decline.
See the stocks making the biggest moves this morning .
More on the markets
- The Stock Market's Inflation Fantasy Ends This Week
- S&P 500: Improbable Top - Week Starting 10th July
- Investor Outlook - The Puts To Calls Ratio
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S&P, Nasdaq, Dow futures dip; CPI and earnings to dominate week