The U.S. futures edged lower on Monday morning as investors prepared for key inflation data and earnings reports from major banks and consumer companies. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were all down by about 0.13%, 0.15%, and 0.17%, respectively, at 3:31 a.m. EST on July 8.
The tech-heavy Nasdaq 100 and the S&P 500 index have seen significant gains year-to-date, driven by optimism over artificial intelligence (AI) technology. However, the upcoming economic data releases and corporate earnings reports could have a major impact on the market’s direction.
This week, investors are keeping an eye on June’s CPI report, which is due on Thursday, July 11. The CPI report is a crucial measure of inflation and influences the Federal Reserve’s policy rate decisions. Following that, June’s Producer Price Index (PPI) will be released on Friday, July 12, providing an early indicator of inflationary trends. Additionally, the June Michigan Consumer Sentiment Index and the University of Michigan 5-year Consumer Inflation Expectations will also be released on Friday.
On the earnings front, companies like Manchester United (MANU), Delta Air Lines (DAL), PepsiCo (PEP), Citigroup (C), JPMorgan Chase (JPM), and Wells Fargo (WFC) are set to announce their results this week.
Meanwhile, the U.S. 10-year treasury yield was up, hovering near 4.29%, while WTI crude oil futures trended lower, around $82.58 per barrel. In Europe, indices are expected to open lower following a left-wing coalition’s surprising win in France, potentially leading to a hung parliament.
In Asia-Pacific markets, indices were lower on Monday, with Japan’s real wages falling for the 26th consecutive month. Japan’s Nikkei and Topix indices dropped, while China’s Shanghai Composite and Shenzhen Component indices also saw declines. Hong Kong’s Hang Seng index was down as well.
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