Today’s stock market: Stocks higher, with inflation data in mind

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U.S. stock futures rose in early trading on Tuesday, helped in part by a drop in Treasury yields as investors looked to key data on inflation and consumer spending after last week’s global market turmoil .

Stocks ended mixed last night, with the smallest gains for the S&P 500, as markets rallied from last week’s historic surge in volatility and turned their attention to the list of inflation readings in the coming days. next, which could strengthen the case for a Federal Reserve rate. cut next month in Washington.

The Commerce Department will release factory-gate inflation numbers at 8:30 a.m. ET this morning, with a key consumer price inflation reading expected at the same time tomorrow.

Wall Street will focus on a slew of inflation and consumer spending data this week as attention turns to the Federal Reserve’s rate meeting next month.

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Traders remain divided on the size of the likely cut next month, but have effectively blocked the Fed’s first rate cut since the pandemic in 2020. Current Fed Funds rates are at a 23-year high between 5.25 % and 5.5%.

Related: Bank of America CEO Signals Big Fed Risk

The benchmark 10-year Treasury yield fell to 3.923% in overnight trading ahead of today’s PPI inflation release, while the 2-year note was last seen at 4.029%.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.07 percent higher at 103.206 before the start of the New York trading session.

Meanwhile, the CBOE Group’s VIX index was marked 2% lower in overnight trade and fell below the $20 mark for the first time since August 1.

On Wall Street, futures suggest a firmer open for the three major benchmarks, with the S&P 500 named 20 points higher and the Dow Jones Industrial Average priced 35 points higher.

Meanwhile, the tech-focused Nasdaq is on pace for a 100-point gain, thanks in part to early premarket gains for Nvidia. (NVDA) adze (TSLA) and advanced microdevices (AMD) .

Home Depot (HD) Meanwhile, shares fell 2.3 percent in early trading after the home improvement retailer cut its full-year sales guidance following a stronger-than-expected second-quarter earnings report.

More Wall Street analysts:

• Analysts reset Amazon stock price targets after earnings
• The analyst resets the price target on Rivian shares on updated plans
• Analysts reset price target on Arm Holdings shares after earnings

In overseas markets, Europe’s Stoxx 600 was marked 0.17 percent higher in Frankfurt, while Britain’s FTSE 100 fell 0.07 percent in London.

Overnight in Asia, the Nikkei 225 bounced back from yesterday’s Mountain Day break to rise 3.45%, erasing all of last week’s carry trade decline, while MSCI’s regional index ex-Japan rose 0 .12% until the end of trading.

Related: Veteran fund manager sees world of pain coming for stocks