Hennessey Funds CIO and portfolio manager Ryan Kelley says utilities may outperform their earnings per share growth rates in the market
U.S. stock futures ticked higher ahead of the latest inflation data.
Dow Jones Industrial Average futures rose 25 points, or 0.07%, while S&P 500 futures and Nasdaq 100 futures inched up 0.08% and 0.01%, respectively. The slight gains come a day after the Dow and the S&P 500 index snapped their five-day losing streaks.
The August consumer price index is scheduled to be released at 8:30 a.m. ET with analysts surveyed by Refinitiv expecting a 0.4% month-over-month increase.
BIDEN TAX HIKES BIGGER THREAT TO STOCK MARKET THAN SLOWING ECONOMY: GOLDMAN SACHS
Ahead of the report, the yield on the 10-year note was up one basis point at 1.34%
In stocks, Apple Inc. shares were in focus as the tech giant readied for the 1 p.m. ET unveiling of its new iPhone. Updates to other products, like the Apple Watch, might also be announced.
Amazon Inc. raised its average starting pay to $18 per hour and said it would hire 125,000 warehouse and transportation workers in the U.S.
Oracle Corp. reported quarterly sales that fell short of Wall Street estimates as cloud revenue missed the mark. Current quarter earnings guidance was ahead of expectations while revenue guidance was a bit light.
Oil stocks, which were the top performers Monday, continued to climb as West Texas Intermediate crude oil rose 44 cents to a six-week high of $70.89 a barrel as Hurricane Nicholas made landfall in Texas.
Elsewhere in commodities, gold dipped $6.40 to $1,788 an ounce.
Overseas markets traded mixed.
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European bourses were choppy with France’s CAC 40 sliding 0.38%, Britain’s FTSE 100 losing 0.27% and Germany’s DAX 30 ticking higher by 0.12%.
In Asia, Japan’s Nikkei 225 jumped 0.73% while Hong Kong’s Hang Seng index and China’s Shanghai Composite declined 1.21% and 1.42%, respectively, after developer China Evergrande reiterated concerns it could default on its debt.
