U.S. stock futures are edging higher ahead of the release of key U.S. inflation data set to be released later today, according to Investing.com reports on Tuesday morning (EST).
The Dow Jones Industrial Average Futures were up 0.1%, while S&P 500 and Nasdaq 100 futures gained 0.2% each in pre-market trading as investors await the latest Consumer Price Index (CPI) report from the Labor Department at 8:30 am ET for further indications on how fast prices are rising in America’s largest economy.
Analysts expect that headline CPI rose by 4 percent year-on-year last month, compared with a 3 percent increase seen in April, while core CPI is forecasted to have risen by 3 percent annually versus 2 .6percent previously reported during May’s reading. A strong reading could stoke fears over an overheating economy and prompt traders to bet on more aggressive rate hikes from Federal Reserve this year than expected earlier this month when it left interest rates unchanged amid concerns about inflationary pressures building up due to robust economic growth and tight labor market conditions across US states.
Ahead of today’s CPI release, investors will also keep a close eye out for other macroeconomic releases including housing starts, building permits & industrial production figures which are all scheduled for publication at 8:30 am EST before markets open officially later today.
