Stock futures rose on Tuesday after another report indicated that inflation may be slowing, reigniting a rally in stocks.
Futures related to the Dow Jones Industrial Average rose 362 points, or 1.1%. S&P 500 futures are up 2.1% and Nasdaq 100 futures are up 2.8%.
product price index, wholesale inflation gauge, It rose 0.2% on the month, Against consensus estimates of a 0.4% increase from the Dow. The report comes after last week’s CPI data showed signs of easing inflationary pressure last month, leading to a sharp rally.
“I think this is moving up in [Fed] Hub,” Jeremy Siegel, professor emeritus of finance at the University of Pennsylvania’s Wharton School of Business, told “Squawk Box” on CNBC. All we need is for them to realize what prices are already doing on the ground, and they are not going up. “
walmart stock Jumped into pre-market trading After the company beat Wall Street earnings and revenue estimates and boosted full-year guidance. Home Depot reported strong results as well but kept the guidance in place for the full year. Its shares fell slightly.
“After last week’s CPI spurred a massive rally in equities and a reversal in the dollar, the big topic for markets this week will be the Fed’s reaction,” wrote How Roberts, head of analytics at Quant Insight, in a note Monday.
Elsewhere, Taiwan Semiconductor, Louisiana-Pacific and Paramount jumped after regulatory filings showed Warren Buffett’s Berkshire Hathaway It bought new positions in the first two, and raised its stake in the last two.
Earnings season continues this week with retail reports from Target, Lowe’s, Bath and Body Works, Macy’s, Kohl’s and Foot Locker on deck.