Stock futures rose slightly Tuesday as Wall Street looks to see if the market rally can power through another round of inflation data.
Futures tied to the Dow Jones Industrial Average ticked up 51 points, or 0.1%. S&P 500 futures oscillated near the flat line, and Nasdaq 100 futures inched higher by 0.1%.
The November consumer price index report is slated for release at 8:30 a.m. ET. Economists polled by Dow Jones expect prices were flat month over month. Year over year, CPI is expected to have risen 3.1%.
The report comes as investors try to end a strong year on a high note. The Dow, S&P 500 and Nasdaq Composite are all riding three-day winning streaks and have six consecutive weeks of gains. The S&P 500 also closed at its highest level since March 2022, while the 30-stock Dow settled at its highest point since January 2022.
“The recent rally is based on hopes that a Goldilocks-type scenario lies ahead. Specifically, this would include softer economic growth (but no recession) and a substantial number of Fed rate cuts due to a continued sharp fall in inflation. Unfortunately, we believe much of the good news is discounted,” Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute, said in a note to clients Monday.
The report also precedes the Federal Reserve’s final monetary policy announcement of the year, which is due Wednesday.
Shares of tech giant Oracle were down 7% in extended trading after the company’s revenue for the fiscal second quarter missed Wall Street expectations.
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