Charles Schwab global chief investment strategist Jeffery Kleintop gives different take on the inflation scare on ‘Kudlow’
U.S. stock futures were mixed Monday morning as the major averages hovered near record highs ahead of the Federal Reserve’s upcoming meeting.
Dow Jones Industrial Average futures fell 40 points, or 0.12%, while S&P 500 futures and Nasdaq 100 futures advanced 0.04% and 0.32%, respectively. The S&P 500 finished at an all-time high on Friday as both the Dow and the Nasdaq closed in on their own record peaks.
The Federal Reserve will begin a two-day meeting Tuesday, and while the central bank is not expected to make any alterations to its policy, traders will be paying close attention to its language around inflation and when it may begin to taper its asset purchase program.
MARKETS ARE LEAVING LITTLE ROOM FOR THE FED TO BE WRONG ON INFLATION
In stocks, Novavax Inc. said Monday that its COVID-19 vaccine was over 90% effective and that it intends to file for U.S. Food and Drug Administration during the third quarter. The vaccine, if approved, would be the fourth given the green light by U.S. regulators.
Tesla CEO Elon Musk said his company will resume accepting bitcoin once there is “confirmation of reasonable (~50%) clean energy usage by miners.” The electric-car maker in May stopped accepting the cryptocurrency nearly two months after allowing its use for payment.
Royal Dutch Shell plc is considering a sale of its assets in the Permian Basin, the largest U.S. oil field, as it looks to reduce its greenhouse gas emission, Reuters reports.
Still, oil firms were broadly higher as West Texas Intermediate crude oil climbed 46 cents to $7.137 a barrel, its highest since October 2018.
Gold, meanwhile, fell $23.50 to $1,856.10 an ounce.
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Overseas markets were broadly higher.
Britain’s FTSE 100 paced the gains in Europe, rising 0.4%, while Germany’s DAX 30 and France’s CAC 40 both gained 0.2%.
In Asia, Japan’s Nikkei 225 jumped 0.74% and Hong Kong’s Hang Seng index edged up 0.36%. China’s Shanghai Composite was closed for holiday.
