U.S. Stocks Poised for Higher Open Ahead of Key Inflation Reading
The U.S. stock market is expected to open higher on Monday as investors eagerly anticipate a crucial inflation reading that will greatly influence the Federal Open Market Committee's decision on interest rates in September.
At 6:19 p.m. Eastern time on Sunday, Dow Jones Industrial Average futures indicated a gain of 49 points, or 0.1%. Similarly, S&P 500 futures rose by 0.2%, and Nasdaq Composite futures climbed 0.3%.
In the oil market, West Texas Intermediate crude oil futures, which represent the U.S. standard, experienced a 0.3% increase, reaching $83.10 per barrel. Brent crude, the international benchmark, also rose by 0.4% and reached $86.62 per barrel.
Key earnings reports to watch out for this week include Beyond Meat, BioNTech, Celanese, Coterra Energy, KKR, Oneok, Palantir Technologies, Paramount Global, and Tyson Foods on Monday.
On Tuesday, investors will be paying attention to earnings reports from Barrick Gold, Bumble, Duke Energy, Eli Lilly, GlobalFoundries, Lyft, Take-Two Interactive Software, TransDigm Group, United Parcel Service, and Zoetis.
Wednesday will see the release of earnings reports from Honda Motor, Illumina, Trade Desk, Walt Disney, Trade Desk (again), Wynn Resorts, and Illumina (again). Additionally, Alibaba Group Holding, Brookfield, News Corp, and Ralph Lauren will contribute their earnings reports on Thursday.
Furthermore, this week's notable economic events include the release of the Small Business Optimism Index for July by the National Federation of Independent Business on Tuesday.
Thursday will bring the release of the consumer price index for July by the Bureau of Labor Statistics. Additionally, the Labor Department will report the number of worker filings for unemployment benefits in the week ended August 5.
Finally, on Friday, the University of Michigan will share its Consumer Sentiment Index for August, while the BLS will release the producer price index for July.
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