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Futures Are Quiet As Investors Await Inflation Data And The Fed Meeting

California Inflation Relief Payments
California Inflation Relief Payments; Source- NPR

Monday’s weak performance by U.S. stock index futures came ahead of a busy week that will test market optimism about a soft landing for the economy, including the Federal Reserve’s interest rate meeting and inflation statistics.

Largest Economy In The World

By year’s end, stocks were rising on optimism about stabilizing interest rates and strong quarterly results. The benchmark S&P 500 was just a few points away from reaching its highest intraday level of the year, which it had previously reached in July, at 4,607.07 points.

Friday saw the S&P 500 and Nasdaq close at its highest levels since early 2022 as statistics revealed nonfarm payrolls were greater than anticipated, highlighting expectations that the largest economy in the world will continue to grow.

Now the focus is on the Consumer Price Index (CPI) data that is scheduled to be released on Tuesday and indicate that headline inflation remained steady in November. Additionally, the Fed’s final interest rate decision of the year is expected to be released on Wednesday.

Analysts contend that the markets have placed too much hope in an unrealistically optimistic scenario. “We believe that the market is correct not to anticipate a rate hike in December, but the market is discounting too many rate cuts for next year,” stated Frédérique Carrier, head of investment strategy for RBC Wealth Management in the British Isles.

Mega Companies

Megacap companies, which include Alphabet, Tesla, and Amazon.com, were under pressure as futures tracking the Nasdaq declined by 0.3% to 0.9% before to the bell.

Inflation

Source: CNN

According to a person familiar with the situation, Macy’s, among other movers, surged 18.3% after an investment consortium led by Brigade Capital and Arkhouse Management made a $5.8 billion deal to take the department store company private.

Nordstrom and Kohl’s, two competitors, saw increases of 3.2% and 4.5%, respectively. After the health insurer revealed plans to buy back $10 billion worth of shares and, according to sources, halted its attempt to negotiate the acquisition of rival Humana, Cigna saw an 11.9% increase in stock price.

As bitcoin dropped to a week’s low, cryptocurrency equities like Riot Platforms, Coinbase, and Marathon Digital tumbled between 3.3% and 5.0%.

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