Stock futures are down this morning as market participants exercised caution and refrained from taking big positions ahead of key U.S. inflation data scheduled for release on Wednesday.
The U.S. economic data slate is mainly empty on Tuesday. Investor attention is currently centered on upcoming U.S. inflation data scheduled for release on Wednesday. A recent uptick in oil prices and resilient economic data have fueled concerns over stubborn inflation, blurring a possible end to U.S. rate hikes.
The United Auto Workers union has made some headway in labor talks with the Detroit Three automakers just three days before a potential strike of 146,000 U.S. autoworkers, but an agreement was still not in reach. The UAW initially sought a 20% wage hike upon ratification and four annual 5% hikes but has trimmed those hikes to around 36% in total. The union’s demands include restoring defined-benefit pensions for all workers, 32-hour work weeks and additional cost-of-living hikes, as well as job security guarantees and an end to use of temporary workers.
United Parcel Service slipped 1.2% as its new contract covering some 340,000 Teamsters-represented U.S. workers would increase wage and benefit costs at a 3.3% compound annual growth rate.
The United States will argue on Tuesday that Google did not play by the rules in its efforts to dominate online search. The U.S. Justice Department is expected to detail how Google paid billions of dollars annually to device makers like Apple Inc, wireless companies like AT&T and browser makers like Mozilla to keep Google’s search engine atop the leader board.
WTI crude futures firmed above $87 per barrel. Gold was subdued around $1,920 an ounce while the yield on the 10-year US Treasury note rose to the 4.3% mark.
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