Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, the United States, on September 9, 2022.
Brendan McDermid | Reuters
Stock futures were higher on Sunday night as Wall Street looked ahead to key inflation data due this week.
Dow Jones Industrial Average futures rose 77 points, or 0.24%. S&P 500 and Nasdaq 1[ads1]00 futures rose 0.30% and 0.38%, respectively.
The moves came after a winning week for US stocks, as all three major averages snapped a three-week losing streak. The Dow gained 2.66% for the week, while the S&P 500 rose 3.65%. The Nasdaq Composite was 4.14% higher.
Shares have been volatile ahead of the September meeting of the Federal Reserve, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in a bid to combat high inflation.
Wall Street investors had been looking for signs that the size of future rate hikes could be smaller as inflation cools, as Fed Chair Jerome Powell reiterated last week that he is “strongly committed” to bringing down inflation.
This week, investors are looking forward to the consumer price index report for August, which is scheduled to be released on Tuesday. The report is one of the last inflation data the Fed will see before its September meeting. Retail and industrial production reports will be released on Thursday.
“With another 0.3% increase in the core rate expected for August, if the number is higher, it will be negative for stocks and bonds. If the report is less, it will be a catalyst for a market rally,” David Donabedian , chief investment officer at CIBC Private Wealth US “Retail sales are also expected to be flat for the month of August, as they were for the previous month.”