[ad_1]
-
U.S. futures were trending higher ahead of the opening bell on Thursday.
-
PPI and retail sales figures are expected to be released as final figures before next week’s Fed meeting.
-
Brent crude oil continued to rise, hitting a five-week high of more than $84 per barrel.
U.S. stock futures rose on Thursday morning as investors awaited the Federal Reserve’s final inflation data before its March meeting.
S&P 500 futures were up 0.33% just before 6 a.m. ET. The index lost some momentum on Wednesday but remains near all-time highs. Nasdaq 100 futures rose 0.5%, and Dow Jones Industrial Average futures rose 0.32%.
The US dollar index, which measures the dollar’s value against six currencies, was almost flat.
Brent crude oil rose 0.76% to over $84 per barrel. Oil prices rose sharply for the first time in about five weeks as U.S. inventories fell on signs of rising demand. Prices also rose this week due to new Ukrainian drone attacks on Russian oil refineries and the ongoing conflict in the Middle East.
Wall Street is awaiting Thursday’s release of key inflation data from the Producer Price Index (PPI), which measures wholesale inflation and retail sales.
The PPI is expected to continue rising steadily this month, while retail sales, which account for almost half of household spending, are expected to recover from an unexpected decline at the start of the year. The data will be the last economic indicator for analysts before the Fed’s next policy meeting, which begins on Tuesday.
Tuesday’s CPI data had little impact on markets, but the better-than-expected result could prompt optimism around a rate cut in June, given that consumer spending is the economy’s biggest driver. There is.
Dan Coatsworth, investment analyst at AJ Bell, warned in a morning note that despite positive economic data, rising oil prices could lead to renewed inflationary pressures.
“Higher oil prices have a negative impact on businesses and consumers, and the knock-on effects on energy, transport and goods costs could be exactly what central banks are sitting on,” he said. .
Companies scheduled to release first-quarter results later include Dollar General and Adobe.
Read the original article on Business Insider
[ad_2]
Source link
