Dow Futures Rise 115 Pts; Sentiment Positive Ahead of Key CPI Release

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By Peter Nurse

AiVIF.com -- U.S. stocks are seen opening higher Monday, continuing the positive tone seen at the end of last week ahead of the release of key inflation data which could guide the Federal Reserve’s thinking.

At 07:00 ET (11:00 GMT), the Dow Futures contract was up 115 points or 0.4%, S&P 500 Futures traded 20 points or 0.5% higher, and Nasdaq 100 Futures climbed 60 points or 0.5%.

The major equity averages started September on a strong note, snapping a three-week losing streak, with the S&P 500 closing up 3.7% in the first full week of the month, the NASDAQ Composite jumping 4.1% and the Dow Jones Industrial Average climbing 2.7%.

This tone is set to continue Monday, helped by news of big gains on the battlefield for Ukraine over the weekend, which raised hopes for a quick end to the war and to the destructive mutual economic blockade between the West and Russia.

That said, the overall tone remains one of caution ahead of next week’s policy-setting meeting of the Federal Reserve, which is expected to result in the U.S. central bank hiking interest rates by 75 basis points to combat inflation, for the third meeting in a row.

Ahead of this, the August inflation report is due for release on Tuesday and will be one of the last pieces of data on inflation the Fed will see ahead of its September meeting.

The month-over-month core CPI is expected at 0.3%, matching last month’s number; this would mark the lowest back-to-back readings since last fall. Headline CPI is expected to be -0.1% on the month, while the annual figure is expected to come in at 8.1%, a drop from July’s 8.5%.

In the corporate sector, the second quarter earnings season has largely run its course, but software giant Oracle (NYSE:ORCL) reports after the close Monday, and its results will be studied carefully given the difficult macro environment.

Oil prices traded higher Monday, helped by the positive overall risk sentiment, rebounding after posting the lowest weekly close on Friday in seven months as traders weighed up aggressive monetary policy tightening and China's COVID-19 curbs.

Trade data, released last week, showed that Chinese oil imports slowed substantially in August due to COVID-related disruptions in the economy, raising fears of substantial demand destruction as the year progresses from the largest importer in the world.

By 07:00 ET, U.S. crude futures traded 0.9% higher at $87.56 a barrel, while the Brent contract rose 1.1% to $93.83.

Additionally, gold futures rose 0.5% to $1,737.85/oz, while EUR/USD traded 1.1% higher at 1.0145, climbing to a three-week high.