Last Updated: 4:10 PM EST
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Stock indices finished little changed in today’s trading session. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.23% and 0.1%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.08%. In a recent survey by the Federal Reserve Bank of New York, consumers in the U.S. seem a bit less worried about inflation going forward. In June, one- and five-year inflation expectations dropped by 0.2% to 3% and 2.8%, respectively. However, three-year-ahead expectations inched up to 2.9% from 2.8%.
Meanwhile, people are feeling less optimistic about home prices, expecting them to grow at a slower pace of 3% compared to earlier estimates of 3.3%.
On the job front, fewer Americans think unemployment will rise over the next year, with that expectation falling to 37.6%. However, more people are feeling unsure about keeping their jobs, with the fear of getting laid off jumping to 14.8%.
In addition, there was a small bump in the number of people who think they might quit their jobs within the next year. When it comes to money, households are expecting to earn a bit less while spending more. Also, more people are worried about missing a debt payment soon, with that concern rising slightly to 12.3% from 12%.
First Published: 4:31 AM EST
The U.S. futures edged lower on Monday morning as investors braced for key inflation data and earnings reports from major banks and consumer companies. The futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 0.13%, 0.15%, and 0.17%, respectively, at 3:31 a.m. EST, July 8.
The tech-heavy Nasdaq 100 and the S&P 500 index gained about 21% and 17%, respectively, year-to-date, driven by investors’ optimism over artificial intelligence (AI) technology. However, the economic data releases and the upcoming corporate earnings could significantly influence the market’s direction.
Turning to this week’s economic reports, June’s CPI report is due on Thursday, July 11. This report is a crucial measure of inflation and directly impacts the Federal Reserve’s policy rate decisions. Following the release of the CPI report, June’s Producer Price Index (PPI) will be released on Friday, July 12. The PPI is considered a reliable early indicator of inflationary trends. Also, the June Michigan Consumer Sentiment Index and the University of Michigan 5-year Consumer Inflation Expectations will be released on Friday.
On the earnings front, Manchester United (MANU), Delta Air Lines (DAL), PepsiCo (PEP), Citigroup (C), JPMorgan Chase (JPM), and Wells Fargo (WFC), among others, will announce results this week.
Meanwhile, the U.S. 10-year treasury yield was up at writing, floating near 4.29%. At the same time, WTI crude oil futures trended lower, hovering near $82.58 per barrel as of the last check.
Elsewhere, European indices are set to open lower as investors react to a left-wing coalition’s surprising win in France, possibly leading to a hung parliament.
Asia-Pacific Markets Were Lower on Monday
Asia-Pacific indices were lower on Monday as Japan’s real wages fell for the 26th month in a row. Japan’s Nikkei and Topix indices dropped 0.32% and 0.57%, respectively.
Elsewhere, China’s Shanghai Composite and Shenzhen Component indices fell by 0.93% and 1.54%, respectively. At the same time, Hong Kong’s Hang Seng index was down 1.85%.
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