US stock futures surge higher; All eyes on inflation data

US stock futures surge higher; All eyes on inflation data


Pre-open mover

US stock futures traded higher ahead of inflation data in early premarket trading on Tuesday. Investors await earnings results from Fox Corporation FOX, The Walt Disney Company DIS and The Wendy’s Company WHOM.

Consumer prices, which have risen sharply recently, are expected to increase by just 0.2% in July, compared to June’s 1.3% increase. Year-on-year, rates are expected to rise 8.7% overall, versus a 9.1% rise in June. The June wholesale inventories data will be released at 10:00 am ET, while the US Treasury Department’s July budget statement will be released at 2:00 pm ET. Federal Reserve Bank of Chicago President Charles Evans will speak at 11:00 a.m. ET.

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Futures on the Dow Jones Industrial Average rose 69 points to 32,806.00, while futures on the Standard & Poor’s 500 Index rose 11.50 points to 4,136.00. Futures for the Nasdaq index fell 51.25 points to 13,082.75.

oil prices was traded lower as Brent crude futures fell 0.6% to $95.72 a barrel, while US WTI crude futures fell 0.7% to $89.84 a barrel. U.S. crude inventories rose 2.156 million barrels in the week ended August 5, the API said. The Energy Information Administration’s weekly report on US petroleum stocks is scheduled for release at 10:30 am ET.

The US has the highest number of COVID-19 cases and deaths in the world, with the total number of infections in the country exceeding 94,128,900 with around 1,059,640 deaths. India reported a total of at least 44,190,690 confirmed cases, while France confirmed over 34,117,880 cases.

A look at the global markets

European markets were mostly higher today. The STOXX Europe 600 index rose 0.1%, London’s FTSE 100 rose 0.1%, while Spain’s IBEX 35 index rose 0.2%. France’s CAC 40 index rose 0.1%, while Germany’s DAX rose 0.3%.

The annual inflation rate in Germany has fallen to 7.5%…


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