U.S. Futures are trending lower today as financier focus shifts to the inflation print that will be launched today. Futures on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are down 0.46% and 0.17%, respectively, while those on the Nasdaq 100 (NDX) stay the same at 5:00 a.m. EST, May 10.
The Bureau of Labor Statistics will launch April’s Consumer Price Index (CPI) information at 8:30 a.m. EST. Markets anticipate the heading inflation checking out to grow 5% from a year earlier, keeping it continuous with March’s yearly inflation development. At the very same time, the month-over-month inflation reading is anticipated to grow by 0.4% in April, while it grew just 0.1% in March.
The Federal Reserve carefully views the CPI print to evaluate if the previous rate walkings have actually had any influence on the economy. The Fed will choose its next rate trek choice based upon April’s CPI information and other macro aspects, consisting of the status of the labor market, at its next FOMC conference scheduled for June 13-14.
Meanwhile, Wall Street is starting to concentrate on the U.S. financial obligation ceiling concern. President Biden held a conference with congressional leaders the other day, however remarks from both sides of celebration lines were a stalemate.
Other crucial financial information points that will be launched today consist of the Producer rate index (PPI) information and the weekly preliminary unemployed claims on May 11. Also, traders are carefully listening as Federal authorities speak at numerous committees today to assess any hints on the financial outlook and financial policy.
On the revenues front, Warren Buffett’s preferred oil and gas choice, Occidental Petroleum (NYSE:OXY) missed out on quotes on both the leading and bottom lines due to lower energy costs, dragging the shares down in post-market trade the other day. On the other hand, shares of travel & leisure business Airbnb (NASDAQ:ABNB) are down over 13% in pre-market trading today, regardless of beating Q1FY23 quotes the other day. Meanwhile, electrical vehicle (EV) maker Rivian’s (NASDAQ:RIVN) stock is up 6% in pre-market trade following combined Q1FY23 results published after the marketplace closed the other day.
Entertainment giant Walt Disney (NYSE:DIS) is reporting its Q2FY23 results today after close. In the meantime, shares of Chinese EV producer Li Auto (NASDAQ:LI) are up in pre-market trade as the business published better-than-expected Q1FY23 results today.
Elsewhere, European indices are selling the red today, in anticipation of U.S. CPI information. Further, traders are likewise tense as the Bank of England is because of reveal its rate trek choice tomorrow, May 11.
Asia-Pacific Markets Mostly in Red
Most Asia-Pacific indices ended the trading session in negative area today, ahead of the U.S. crucial inflation print.
Hong Kong’s Hang Seng and China’s Shanghai Composite indices ended the trading session down by 0.53% and 1.15%, respectively, while the Shenzhen Component index wound up by 0.14%.
At the very same time, Japan’s Nikkei and Topix indices ended the trading session down by 0.41% and 0.55%, respectively.
Interested in more financial insights? Tune in to our LIVE webinar.
Disclosure
