Today’s stock market: Stocks up with Apple, CPI inflation in focus

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U.S. stock futures edged higher on Monday as investors tried to recoup early September losses on Wall Street as they eyed a key inflation reading later in the week.

Stocks ended their worst week in more than a year on Friday after a weaker-than-expected August jobs report fueled concerns about cooling growth and recession risks heading into the final months of the year .

The sell-off was compounded by action in the bond market that lifted 10-year yields above 2-year yields for the first time in more than 2 years, a move that could suggest traders are increasingly concerned about the health of the economy US.

Benchmark 2-year notes were last marked at 3.708% and the 10-year paper traded at 3.761%.

Apple will host its iPhone 15 launch event later today in Cupertino, California.

Image source: Apple

The S&P 500 ended the first week of the month down 4.25%, while the tech-focused Nasdaq fell 5.77% thanks to notable pullbacks in Magnificent 7 stocks like Nvidia. (NVDA) adze (TSLA) and Meta Platforms (THE TARGET) .

Still, stocks are eyeing a firmer open to start the week, with Wednesday’s August inflation report in focus now that bets on a Federal Reserve rate hike have faded following Friday’s jobs report, which showed an increase in monthly and annual salary earnings.

CME Group’s FedWatch puts the odds of a 50 basis point cut at just 21%, but expects at least a full percentage point of rate cuts between now and the end of the year.

Heading into early Wall Street trading, S&P 500-linked futures suggest a gain of 38 points, while those linked to the Dow Jones Industrial Average are priced at 232 points.

Tech-focused Nasdaq named 158 points higher, paced by early gains for Nvidia, Tesla and Apple (AAPL) which is hosting its iPhone launch event later today.

Other stocks on the move include Palantir Technologies (PLTR) which rose 7.15% in pre-market following Friday’s move by S&P Global Indices to include the technology group in the S&P 500 from September 23.

Palantir will replace American Airlines (AAL) with Dell Technologies (della) and Erie Indemnity (ERA) joining Benchmark and Etsy (ETSY) and Bio-Rad Labs (BIO) going out

More Wall Street analysts:

• Analysts reset price target on Grand Theft Auto maker’s stock
• Stock market analyst American Express signals the change in consumer behavior
• Analyst resets Nvidia stock price target ahead of earnings

In overseas markets, Europe’s Stoxx 600 was marked 0.82 percent higher in early trade in Frankfurt ahead of this week’s European Central Bank rate decision, scheduled for Thursday, while Britain’s FTSE 100 gained 0.73% in London.

Overnight in Asia, the Nikkei 225 closed 0.48 percent lower in Tokyo, while a subdued set of Chinese inflation data kept MSCI’s regional index ex-Japan in check, which fell 1.19 % at the end of trading.

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