Futures pointing to fourth day of gains on Wall Street
U.S. stock futures pointed to Wall Street registering a fourth consecutive day of gains on Monday as traders look ahead to inflation data later in the week.On Friday, the Dow Jones Industrial Average DJIA, +1.19% rose 377 points, or 1.19%, to 32152, the S&P 500 SPX, +1.53% increased 61 points, or 1.53%, to 4067, and the Nasdaq Composite COMP, +2.11% gained 250 points, or 2.11%, to 12112.
The latest equity rebound, with the S&P 500 up 4.1% since last Tuesday’s close, suggests investors now appear comfortable with the prospect of a 75 basis point interest rate rise by the Federal Reserve at the conclusion of its meeting on September 21. “The latest market optimism could be explained by hope to see a second month of softening inflation in the U.S. at this week’s CPI release,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank in a morning note.
Jonathan Krinsky, chief market technician at BTIG, noted that technical factors had helped sentiment but that gains may prove fragile given seasonal headwinds and if the dollar and bond yields did not continue to retreat.
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