The Market News Today: U.S. Stock Futures Nearly Flat as Inflation Data Looms

James Hyerczyk
Published: Apr 9, 2024, 09:49 GMT+00:00

Key Points:

  • Stock Futures Stable Ahead of Inflation Data Release.
  • U.S. Treasury Yields Dip as Investors Anticipate Inflation Figures.
  • Gold Prices Near Record, Driven by Central Bank Buying.
  • Oil Prices Rise Amid Gaza Conflict's Supply Disruption Fears.
  • European Gas Prices Fluctuate Near Highs Amid Global Competition.
The Market News Today:

US Stock Futures Steady as Investors Await Inflation Data

U.S. stock futures are seeing minimal movement on Tuesday morning, with S&P 500 futures edging slightly higher while Nasdaq 100 futures rose by 0.21%. Dow Jones Industrial Average futures dipped by 0.02%. Monday’s trading session closed with marginal changes, as the S&P 500 and Dow experienced slight declines, while the Nasdaq Composite registered a small gain. Investors eye Wednesday’s consumer price index report for insights into inflation’s impact on the Federal Reserve’s rate policy amidst a backdrop of rising bond yields.

US Treasury Yields Inch Lower Ahead of Crucial Inflation Data

U.S. Treasury yields are inching lower early Tuesday, with the 10-year Treasury yield easing to 4.3897% and the 2-year yield dipping to 4.7699%. Investors awaited upcoming inflation figures to gauge economic conditions and interest rate expectations. Recent data and remarks from Federal Reserve officials have prompted uncertainty over the timing and frequency of rate adjustments this year. The upcoming release of the consumer price index and producer price index, along with the Fed’s meeting minutes, will provide further insights into monetary policy deliberations.

Gold Prices Hold Near Record Highs Amid Central Bank Support

Gold prices maintained their upward trend on Tuesday, remaining close to the previous session’s record peak, bolstered by steady central bank buying. Spot gold edged up 0.3% to $2,345.09 per ounce, following Monday’s record high of $2,353.79, while U.S. gold futures climbed 0.5% to $2,363.50. Investors will be monitoring Wednesday’s U.S. consumer inflation data (CPI) and the Federal Reserve’s meeting minutes for potential market signals amidst expectations of reduced rate cuts following a robust U.S. jobs report.

Oil Prices Rise on Concerns Over Gaza Conflict’s Impact on Middle East Supply

Oil prices climbed on Tuesday as negotiations between Israel and Hamas for a Gaza ceasefire faltered, raising concerns about potential disruptions to oil supply from the Middle East. Brent crude futures increased by 14 cents to $90.52 a barrel, while US West Texas Intermediate crude rose by 10 cents to $86.53. The uncertainty surrounding the conflict overshadowed hopes for easing geopolitical tensions, prompting market analysts to highlight the risk of broader regional involvement and potential retaliations, which could further impact oil prices.

European Gas Prices Waver Near Highs Amid Global Competition

European natural gas prices hovered near their recent peak as vessels carrying the fuel redirected to other markets, keeping benchmark futures fluctuating with small gains and losses. Despite record-high winter inventories in Europe, competition for liquefied natural gas intensifies with Asia and other regions due to the loss of Russian pipeline gas. While high wind generation and ample storage ease immediate concerns, market observers remain vigilant for potential shifts in global energy flows.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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