U.S. stock futures were trending mixed in the early hours on Tuesday as investor concerns continue to center around inflation, the rise in commodity prices amid the Ukraine-Russia conflict, and the Federal Reserve’s monetary policy.
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Futures on the Dow Jones Industrial Average (DJIA) was in the red, at the time of writing, down 0.5%, while the S&P 500 (SPX) and Nasdaq 100 (NDX) futures were trading higher by 0.25% and 0.1%, respectively, as of 6:05am EST on Tuesday.
On Monday, the stock market experienced yet another sell-off. The major U.S. stock market indexes ended in deep in the red at the closing bell, with the Dow ending the day 1.2% lower, the S&P 500 decreasing 1.7%, and the Nasdaq 100 declining almost 2.2%, with energy, information technology, and health care being the weak performers. Unfortunately, none of the sectors within the S&P 500 ended in the green.
The White House expects the “March CPI headline inflation (number) to be extraordinarily elevated due to Putin’s price hike.” These comments raised investor concerns ahead of the key inflation report, the latest consumer price index, to be released today by the Bureau of Labor Statistics before the market opens. Meanwhile, treasury yields continued to rise and hit 2.78%, its highest level since January 2019.
In regard to the war in Ukraine, investors are assessing developments, where the situation is worsening and recently Ukrainian President Volodymyr Zelenskyy expects South Korea to provide military aid as he believes the “war is far from over.”
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