US STOCKS-Wall St headed higher after fewer jobless claims, inflation data

Published 13/05/2021, 14:10
Updated 13/05/2021, 14:12
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* CBOE volatility index eases from 2-month high
* Bumble slips despite upbeat forecast
* Disney shares rises ahead of results
* Energy stocks fall as oil declines over 2%
* Futures up: Dow 0.03%, S&P 0.31%, Nasdaq 0.75%

(Adds comment, details; updates prices)
By Medha Singh and Sruthi Shankar
May 13 (Reuters) - Wall Street's main indexes were set to
open higher on Thursday, with the tech-heavy Nasdaq rebounding,
after data showed fewer Americans filed for weekly jobless
claims, while investors shrugged off a surge in producer prices.
The Labor Department's data showed U.S. producer prices rose
0.6% last month, higher than expected, after a gain of 1% in
March. A separate report indicated claims for U.S. unemployment
benefits were below 500,000 in the latest week, for the third
time in a row.
A surge in commodity prices, labor shortage and much
stronger-than-expected consumer prices data this week have
stoked inflation concerns that could force the U.S. Federal
Reserve to raise interest rates, despite its reassurances that
the rise in prices to be temporary.
"All of this comes down to the fact that the market believes
that the Fed is going to have to do something sooner than
anticipated," said Victoria Fernandez, chief market strategist
at Crossmark.
"Perhaps we're not in a situation where market has come down
and we're going to stay there for an extended period of time.
We're in a more volatile time period where we could see swings
one way or the other."
Losses this week have pulled the S&P 500 4% off its record
closing high on Friday, while the tech-heavy Nasdaq is about 8%
below its April 29 all-time high.
The inflation talk has increased focus on economic data,
with attention turning to retail sales and industrial production
reports on Friday.
The CBOE volatility index .VIX , a measure of investor
anxiety, retreated to 25.24 points after hitting its highest
levels in more than two months.
At 8:53 a.m. ET, Dow e-minis 1YMcv1 were up 11 points, or
0.03%, S&P 500 e-minis EScv1 were up 12.5 points, or 0.31%,
and Nasdaq 100 e-minis NQcv1 were up 97.25 points, or 0.75%.
Shares in oil major Exxon Mobil XOM.N and copper miner
Freeport-McMoran FCX.N dropped, tracking a fall in commodity
prices, while lenders, including Bank of America BAC.N and
Goldman Sachs GS.N fell 0.3% and 0.4% in premarket trading.
Dating app owner Bumble Inc BMBL.O slipped 0.1% despite
forecasting current-quarter revenue above estimates. The stock
has shed about 19% of its value in the past three sessions.
Walt Disney's DIS.N shares gained 0.5% ahead of its
second-quarter results due after the closing bell.
Boeing Co BA.N rose 0.2% after the U.S. planemaker won
approval from U.S. regulators for a fix of an electrical
grounding issue that had affected about 100 737 MAX airplanes.

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