Upcoming reports curb investor confidence
Market optimism set off by Wall Street’s recent rally was balanced today by lingering worries about inflation and regional growth, according to the Associated Press.
U.S. shares were set to drift lower with Dow futures down nearly 0.1% at 35,662.00. S&P 500 futures fell less than 0.1% to 4,611.25.
Investors were also watching for the policy decision by the Reserve Bank of Australia, which kept its rates steady.
Several reports in the coming week could poke holes in the theory that inflation will keep coming down enough for the U.S. Federal Reserve not only to stop hiking interest rates, but to begin cutting them by early next year.
Fed Chair Jerome Powell has pointed to Friday’s upcoming report on the overall United States job market as an important data point. Growth needs to be strong enough to keep a lid on worries about a possible recession. But a reading that’s too hot could also mean upward pressure on inflation, which could push the Fed to get more aggressive about rates.
Two of Wall Street’s most influential stocks are also set to report their earnings for the spring: Amazon and Apple are both scheduled to release their latest quarterly results on Thursday. Because they’re two of the most massive stocks on Wall Street, their stock movements pack much more punch for the S&P 500 and other indexes than other stocks.
In energy trading, benchmark U.S. crude lost 50 cents to $81.30 a barrel. Brent crude, the international standard, rose 57 cents to $85.56 a barrel.
In currency trading, the U.S. dollar edged up to 142.69 Japanese yen from 142.24 yen.