US market futures close flat as inflation data coming
U.S. stock index futures traded with little volatility during the night of 12 May, as investors remained cautious ahead of the upcoming release of important inflation data.
In May 12 evening, there was little fluctuation in US stock index futures trading, as investors remained cautious ahead of the release of crucial inflation data, expected to influence interest rate expectations.
Recent signals of slowing US economy also pressured the markets, with data released on the 11 showing consumer confidence index dropping to a six-month low in May, despite rising inflation expectations. As of 19:08 ET (23:08 GMT), S&P 500 index futures fell by 0.05% to 5243.75 points, Nasdaq 100 index futures remained stable at 18252.0 points, and Dow Jones index futures reported 39634.0 points.
Inflation data will dominate market attention. Wall Street expects at least a hold in the coming trading days, awaiting the imminent release of important Producer Price Index (PPI) and Consumer Price Index (CPI) data. Investors will be looking for evidence of inflation slowdown, as unexpected price pressures in the first three months of 2024 dashed hopes of an early rate cut. Any potential rate cuts will be delayed if this trend continues. Even if this week's inflation data shows some softening, the expected figures are still well above the Federal Reserve's annual 2% target.
Ahead of the inflation data release, more indications are expected from Federal Reserve officials. Cleveland Fed President Loretta Mester is set to speak later on the 13, with some of her peers previously warning that the Fed needs more certainty of inflation easing before considering rate cuts.
Despite concerns over inflation and interest rates, Wall Street indices have seen three consecutive weeks of gains, buoyed by strong earnings and prospects of rate cuts later in the year. US stock indices remain near historic highs. However, there are signs of slowing in recent trading, particularly as concerns mount over the world's largest economy weakening due to persistent inflation and rising rates.
On the 11, the S&P 500 index rose by 0.2% to 5222.68 points. The Nasdaq Composite closed at 16340.87 points, while the Dow Jones Industrial Average rose by 0.3% to 39512.84 points.
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