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Business

Dow futures fall as investors await midterm elections and inflation report




Traders work on the floor of the New York Stock Exchange (NYSE), September 6, 2022.

Brendan McDermid | Reuters

US stock futures fell slightly on Sunday as investors looked ahead to a week packed with midterm elections for Congress and the latest consumer inflation report.

Dow Jones Industrial Average futures fell 31[ads1] points, or 0.1%. S&P 500 and Nasdaq 100 futures were 0.15% and 0.25% lower, respectively.

Apple shares may fall after the technology company said iPhone production has been temporarily reduced due to Covid-19 restrictions in China.

These moves follow Friday’s rally, when the Dow Jones Industrial Average gained nearly 402 points, or 1.3%. The S&P 500 rose 1.36%, and the Nasdaq Composite was 1.28% higher. Still, the major averages ended the week with losses. The Dow ended a four-week winning streak on fears of interest rate hikes.

Tuesday’s midterm elections will determine which party will control Congress, and affect the direction of future spending. The Democrats currently control the House, and have a majority in the Senate. A Republican sweep could signal greater support for oil and gas companies.

On the economic front, investors expect Thursday’s CPI report to provide further insight into the Federal Reserve’s efforts to stem inflation. A hot inflation report can signal to investors that a pivot from higher interest rates, for a longer time, may be further away than expected.

“[In] For equity and bond markets to match the post-peak inflation performance noted in the table, inflation will need to continue to fall – and at a faster pace than we’ve seen yet. Until the Fed signals that the ‘pivot’ is near, things could remain challenging,” Baird’s Ross Mayfield wrote in a recent note.

Elsewhere, several companies are expected to report on Monday, i.a Palantir Technologies, Activision Blizzard, Lyft and Take-Two Interactive. The corporate earnings season ends with a majority of the companies in the S&P 500 having reported results.



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