US STOCKS-S&P, Dow futures edge higher ahead of inflation data

Published 13/04/2021, 11:32
Updated 13/04/2021, 11:36
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* Futures: Dow up 0.15%, S&P rises 0.10%, Nasdaq flat

By Medha Singh
April 13 (Reuters) - Futures tracking the S&P 500 and the
Dow ticked higher on Tuesday ahead of data that is likely to
show an uptick in inflation in a sign that the economic rebound
is gathering steam.
The benchmark 10-year Treasury yield US10YT=RR inched
closer to 1.7% before the Labor Department's data that is
expected to show U.S. consumer prices rose 0.5% in March from
0.4% in February. The report is due at 8:30 a.m. ET (1230 GMT).
A steady retreat in bond yields since the start of this
month on expectations that a spike in inflation this year would
be transitory has revived demand for high-growth tech stocks and
sent the S&P 500 and the Dow to record highs.
Investors are also marking time ahead of the start of the
first-quarter earnings season, with results from Goldman Sachs
GS.N , JPMorgan JPM.N and Wells Fargo WFC.N on deck on
Wednesday.
Analysts expect earnings for S&P 500 firms to jump 25% from
a year ago, driven by strength in consumer discretionary and
financial companies, according to Refinitiv IBES data.
At 6:06 a.m. ET, Dow E-minis 1YMcv1 were up 51 points, or
0.15%, S&P 500 E-minis EScv1 were up 4 points, or 0.1% and
Nasdaq 100 E-minis NQcv1 were up 3.25 points, or 0.02%.
Among stocks, U.S.-listed shares of e-commerce firm JD.com
JD.O and search giant Baidu BIDU.O fell about 2% each in
premarket trading as China's market regulator warned internet
companies to stop using any banned practices. Cryptocurrency and blockchain-related firms including Riot
Blockchain RIOT.O and Marathon Digital Holdings MARA.O
jumped 9% and 8% as bitcoin prices BTC=BTSP soared 4.5%, a day
ahead of listing of Coinbase, the largest U.S. cryptocurrency
exchange.

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