Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
during
afternoon
trading
on
April
09,
2024
in
New
York
City.
Michael
M.
Santiago
|
Getty
Images
Stock
futures
hovered
near
the
flatline
Tuesday
night
as
investors
await
key
U.S.
inflation
data
that
will
inform
the
Federal
Reserve’s
path
on
rate
policy.
Futures
tied
to
the
Dow
Jones
Industrial
Average
added
37
points,
or
0.09%.
S&P
500
futures
traded
higher
by
0.08%,
while
Nasdaq
100
futures
climbed
0.1%.
During
Tuesday’s
regular
trading,
investors
appeared
to
be
in
a
holding
pattern
ahead
of
the
March
consumer
price
index
report.
The
30-stock
Dow
slipped
0.02%,
while
the
S&P
500
gained
0.1%.
The
Nasdaq
Composite
inched
higher
by
0.3%.
The
CPI
report,
which
is
set
to
release
on
Wednesday
at
8:30
a.m.
ET,
is
estimated
to
have
increased
0.3%
in
March
on
a
month-over-month
basis
and
3.4%
from
12
months
earlier,
according
to
economists
surveyed
by
Dow
Jones.
Economists
expect
core
CPI,
which
excludes
volatile
food
and
energy
prices,
to
rise
0.3%
and
3.7%,
respectively.
Traders
are
looking
to
the
CPI
data
for
clues
on
how
central
bank
policymakers
may
proceed
on
interest
rates
—
and
the
outcome
is
sure
to
affect
Wednesday’s
market
moves.
Fed
funds
futures
trading
data
suggests
a
42%
likelihood
that
the
central
bank
will
hold
steady
on
rates
in
June,
according
to
the
CME
FedWatch
Tool.
A
hotter-than-expected
inflation
reading
could
lead
to
a
serious
pullback
after
the
market’s
run-up
this
year,
while
a
cooler
print
could
lead
Treasury
yields
to
pull
back
and
lift
the
equity
market,
according
to
Quincy
Krosby,
chief
global
strategist
at
LPL
Financial.
“The
market
is
increasingly
concerned
that
inflation
remains
more
stubborn,
or
perhaps
even
stalled
in
its
downward
trajectory,”
Krosby
said.
“There’s
a
whiff
of
stagflation
hovering
over
markets
if
the
Fed
goes
ahead
with
initiating
the
easing
cycle
without
inflation
quickening
its
downward
path.”
In
addition
to
the
big
inflation
report
on
Wednesday,
investors
are
also
looking
forward
to
the
meeting
minutes
from
the
Fed’s
gathering
last
month.
They
will
be
hunting
for
clues
on
where
policymakers
stand
on
expected
rate
cuts
this
year.
Earnings
season
for
the
first
quarter
is
also
about
to
kick
off.
Delta
Air
Lines
is
slated
to
post
results
Wednesday
before
the
bell.
