U.S. stock index futures crept higher on Tuesday ahead of key inflation data that could support a sooner-than-expected end to the Federal Reserve’s hawkish stance.
San Franciso Fed President Mary Daly, a nonvoter on the Federal Open Market Committee in 2023, said that two more rate increases as likely to be needed in 2023, but that decisions are getting harder as the rate reaches its peak.
Investors await consumer inflation data on Wednesday and producer inflation figures on Thursday for fresh clues on the economy and the path for interest rates. Major companies are also slated to report earnings this week including JPMorgan, BlackRock, PepsiCo, Delta Air and UnitedHealth.
The NFIB Small Business Optimism Index in the United States went up to a seven-month high of 91 in June 2023, beating again market expectations of 89.9. Still, the index remained below its 49-year average of 98 for the past 18 months, as small business owners remain very pessimistic about future business conditions and their sales prospects and inflation and labor shortages continue to be great challenges.
WTI crude futures edged above $73 per barrel. Gold rose toward $1,930 an ounce while the yield on the US 10-year Treasury note was around 4.00%.
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