Stocks set for quiet opening as investors wait for U.S. inflation data and bank earnings

From Nasdaq: 2024-07-08 07:35:56

September S&P 500 E-Mini futures (ESU24) are down -0.06% while September Nasdaq 100 E-Mini futures (NQU24) are down -0.05% as investors await U.S. inflation data and Federal Reserve Chair Jerome Powell’s testimony. Wall Street closed higher Friday, with Macy’s surging over +9% on a $6.9 billion buyout offer.

U.S. Labor Department’s report showed nonfarm payrolls rose by 206K last month, above consensus but slower than May’s pace. Unemployment unexpectedly rose to 4.1% in June, and average hourly earnings were +0.3% m/m and +3.9% y/y. Analysts expect a September rate cut.

Second-quarter earnings season starts this week, with big banks and major names releasing reports. U.S. consumer inflation report for June will be key. Federal Reserve Chair Jerome Powell’s semi-annual testimony will also be closely watched for potential interest rate cut signals.

Euro Stoxx 50 futures are up +0.92% after France’s parliamentary elections. German exports fell in May, and Eurozone investor confidence saw a larger-than-expected decline in July. Soft drinks maker Britvic Plc jumped +4% on a buyout offer. Asian markets closed lower, with China’s Shanghai Composite down -0.93% and Japan’s Nikkei 225 down -0.32%.



Read more at Nasdaq: Stocks Set for Muted Open as Investors Await U.S. Inflation Data and Big Bank Earnings, Powell’s Testimony on Tap