U.S. stock futures inched up ahead of the most important inflation report later on Wednesday. The Dow Jones Industrial Average (DJIA) futures were up by 0.06% as of 3:29 a.m. EST, Wednesday. Meanwhile, futures on the S&P 500 (SPX) grew 0.18%, whereas those on the Nasdaq 100 (NDX) edged 0.44% higher.
The consumer price index (CPI) reading for April is scheduled to be out later this morning, giving us a clearer picture of the inflationary environment. Markets have been making increasingly volatile swings lately, most recently due to the raging inflation which prompted the Federal Reserve to increase interest rates and tighten its assets.
Prices of consumer goods, staples, and other commodities have been rising each month since around the third quarter of 2021, and investors are keen to know whether April’s CPI report has a positive surprise in store for them.
The Dow Jones consensus estimate predicts a 0.2% sequential, and 8.1% year-over-year (YOY) increase in consumer prices. This means that economists see a ray of hope for YOY inflation growth to be lesser in April than in March (which witnessed an 8.5% YOY rise in CPI).
The S&P 500 and the Nasdaq 100 ended Tuesday’s trading session with 0.25% and 1.3% respective gains, led by mega-cap technology giants including Microsoft (MSFT) and Apple (AAPL), each of which grew more than 1%.
On the other hand, the Dow ended Tuesday with a 0.26% loss, marking its fourth straight day of recording losses.
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