Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Futures Largely Flat; Fed Starts Meeting, PPI Data Due

Stock MarketsJun 15, 2021 13:21
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse

Investing.com -- U.S. stocks are seen opening largely unchanged Tuesday, remaining near record levels, ahead of the start of the latest two-day Federal Reserve meeting. 

At 7:05 AM ET (1205 GMT), the Dow futures contract was down 20 points, or 0.1%, while S&P 500 futures traded 1 points, or less than 0.1%, higher, and Nasdaq 100 futures climbed 5 points, or less than 0.1%.

The broad-based S&P 500 and the tech-heavy Nasdaq Composite closed at fresh record highs Monday, gaining 0.2% and 0.7% respectively, while the blue-chip Dow Jones Industrial Average dropped 0.3%.

The Federal Reserve’s two-day policy meeting starts later Tuesday, and while the central bank is not expected to take any action this time round it could hint at its future tapering plans given the recent surge in consumer prices.

Also due for release Tuesday is the producer price index for May, a particularly relevant number given the focus upon inflation. Year-over-year, the PPI is expected to have spiked by 6.3%, the largest increase since the agency started tracking the data in 2010. It had jumped 6.2% on a yearly basis in April. 

JPMorgan Chase (NYSE:JPM) has been “effectively stockpiling” cash, the bank’s CEO Jamie Dimon said Monday during a conference, rather than using it to buy Treasuries or other investments because of the possibility higher inflation will force the Fed to boost interest rates.

Retail sales in May are expected to dip 0.7% for the month after being flat previously, while industrial production is seen rising 0.6% on the month, and will be closely watched amid issues over supply constraints and labor market shortages. 

In corporate news, Boeing (NYSE:BA), as well as Airbus (PA:AIR), is likely to be in the spotlight with the European Union and the United States on the verge of announcing a truce in their 17-year conflict over aircraft subsidies.

Biogen (NASDAQ:BIIB) will also be in focus after the drug maker’s study testing a treatment for a rare eye disease failed to meet its target, while tech company Oracle (NYSE:ORCL) is set to release its quarterly results in what is a generally quiet week for earnings.

Crude oil prices headed higher Tuesday, remaining near multi-year highs, as the immediate threat of additional supply from Iran returning to the market dwindled.

By 7:05 AM ET, U.S. crude was up 0.5% at $71.23 a barrel, not far below the highest level since October 2018, while Brent was up 0.5% at $73.21, around its highest since May 2019. 

Crude markets have posted gains of over 40% this year to date, even while ongoing discussions between Iran and world powers, including the U.S., to revive a 2015 nuclear deal take place. A successful conclusion could allow the Persian Gulf country to resume crude exports, potentially adding up to two million barrels of crude a day to the global market.

However, such a deal is looking unlikely before Friday’s Iranian presidential elections. The front-runner is Ebrahim Raisi, an implacable critic of the West who was sanctioned by the United States in 2019 for human rights violations.

Elsewhere, gold futures was largely flat at $1,866.05/oz, while EUR/USD traded 0.1% higher at 1.2125.

 

U.S. Futures Largely Flat; Fed Starts Meeting, PPI Data Due
 

Related Articles

Cadence Design Earnings, Revenue Beat in Q2
Cadence Design Earnings, Revenue Beat in Q2 By Investing.com - Jul 26, 2021

Investing.com - Cadence Design reported on Monday second quarter earnings that beat analysts' forecasts and revenue that topped expectations. Cadence Design announced earnings...

Tesla Earnings, Revenue Beat in Q2
Tesla Earnings, Revenue Beat in Q2 By Investing.com - Jul 26, 2021

Investing.com - Tesla reported on Monday second quarter earnings that beat analysts' forecasts and revenue that topped expectations. Tesla announced earnings per share of $1.45...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email