U.S. stock index times rose Wednesday, with key benchmarks ready to resume marching higher after the Dow Jones industrial average and the S&P 500 breaking six-day winning streaks Tuesday.
A tame report on U.S. inflation showed that investors don’t care much about it, for now, and gave some momentum to stock futures. The day’s program will also feature a speech by Federal Reserve Chairman Jerome Powell on the state of the labor market.
What do key criteria do?
-
The future of the Dow Jones YM00 business average,
+ 0.50%
rose 132 points, or 0.4%, to 31,410. -
S&P 500 futures ES00,
+ 0.54%
rose 19 points, or 0.5%, to 3,924. -
Nasdaq-100 NQ00 futures,
+ 0.50%
up 66 points, or 0.5%, at 13,746.
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Stocks saw very little movement Tuesday, with the Dow DJIA,
and S&P 500 SPX,
posting a small loss to capture a six-day winning streak for both indexes, while the Nasdaq Composite COMP,
He earned a small advantage to grab another record close. The little captain Russell 2000 RUT,
surpassing its top sisters with a 0.4% gain to post another finishing finish as well.
See: Is the stock market available for correction in 2021? Here’s what some experts think
What drives the market?
Investors are still focusing on expectations for another major round of government spending, as well as the slow pace of new COVID-19 infections, coupled with continued vaccine rollout. Meanwhile, market watchers are parsing consumer price inflation data for January released on Wednesday morning.
The US consumer price index rose 0.3% in January as expected, after climbing 0.4% a month earlier, but without volatile food and energy prices the underlying CPI remained unchanged. compared to an expected increase of 0.1%. CPI inflation has risen 1.4% in the last 12 months.
“Investors are already trying to get over when the U.S. economy overcomes expected inflation which will be driven by more incoming fiscal stimulus,” said analyst Han Tan. market at FXTM, in a note.
“Such a situation could encourage the much-talked-about Fed tapering, which could pave the way for higher interest rates. More announcements about that timeline would help global investors to find out their shares in equities versus bonds, ”he said.
Investors were not expected to pay much attention to Donald Trump’s second impeachment test, with arguments set to go ahead in the Senate Wednesday afternoon. The Senate voted Tuesday that the lawsuit could go ahead after a round of arguments about the basis of a former president’s trial.
The lawsuit is not expected to affect financial markets as it is not seen as hindering an attempt toward another round of coronavirus aid spending. President Joe Biden is pushing for a $ 1.9 trillion package and Democrats have taken steps to allow them to push through an unsupported Republican spending plan in the Senate that is fairly divided through a process known as budget arrangements. The size of the plan is expected to decrease slightly, however, due to tensions from some Democrats.
Powell is slated to give comments to the New York Economic Club at 2pm East.
See: Economic Calendar
Data on December U.S. wholesale investments are due at 10 a.m. Eastern. Federal budget figures for January are set for release at 2pm
Which companies are the focus?
-
Sections of Coca-Cola Co.
KO,
-0.44%
pre-sale activity rose 2% after delivering earnings and revenue Wednesday morning added to Wall Street expectations. -
Sections of Twitter Inc.
TWTR,
+ 2.87%
pre-sale trading was 8.6% higher after the social media platform delivered its second $ 1 billion quarter late Tuesday. -
Cisco Systems Inc.
CSCO,
-0.90%
late Tuesday reported quarterly results that surpassed Wall Street estimates, although sales in some shares came in lower than expected. Shares of manufacturers of network services, video conferencing devices and security software were down nearly 5% before the bell. -
Mattel Inc.
MAT,
+ 2.17%
Shares rose 1.8% in pre-sale trading after the toy maker exceeded Wall Street’s expectations for its fourth quarter and said it was “aware” of “volatility and volatility”. other macroeconomic certainty associated with COVID. ” -
Sections of Yelp Inc.
YELP,
+ 2.18%
up 3% after the e-commerce platform late Tuesday reported better-than-expected sales and earnings. -
In dealing news, sections of NIC Inc.
EGOV,
+ 3.04%
jumped nearly 14% in pre-sale trading after digital government solutions and payments company approves Tyler Technologies Inc.
TYL,
-1.01%
in a $ 2.3 billion cash contract.
What are other markets doing?
-
Yield on 10-year Finance note TMUBMUSD10Y,
1.143%
ticked up to 1.164%, looking main threshold at 1.2%. Bond yields and prices move in other directions. -
US Dollar ICE Index, DXY,
-0.12%
the amount of cash against a basket of six main competitors, slightly lower, was close to 90.40 -
The future of oil gained in early trade, with deck inventory report, by U.S. benchmark CL.1,
+ 0.46%
climbing 0.6% to $ 58.68 a barrel. GC00 gold future,
+ 1.01%
they were also higher, up 0.4% to around $ 1,844.70 an ounce. -
The European index Stoxx 600 Europe SXXP,
+ 0.27%
went up 0.2%, and FTSE 100 UKX in London,
+ 0.21%
rose 0.1%. -
In Asia, the Shanghai Composite SHCOMP,
+ 1.43%
closed 1.4% higher, while Hong Kong Hang Seng Index HSI,
+ 1.91%
an increase of 1.9%, and Japan’s Nikkei 225 NIK,
+ 0.19%
dig up 0.2%.
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