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US futures have a higher edge; inflation data will focus on Fed meetings by Investing.com


Peter Nurse

Investing.com-Friday U.S. stocks are expected to rise slightly and remain at record levels, investors aren’t worried about rising inflation ahead of next week’s Federal Reserve Board It seems.

At 7:05 AM ET (1205 GMT), contracts rose 95 points (0.3%), 8 points (0.2%) and 30 points (0.2%).

Thursday’s three major indices closed high, broad-based closing 0.5% higher, breaking new records in regular trading, high-cap stocks up 0.1% and tech heavy closing 0.8% higher It was.

These rises occurred despite a 5% year-on-year rise in the United States in May. This is the largest rise in nearly 13 years, following the 4.2% surge in April.

Investors appear to have considered this release because the composition of the index upheld the recurring claim of Federal Reserve Board Chairman Jerome Powell that higher inflation was temporary.

At the same time, the labor market continued to recover as the number of Americans applying for unemployment benefits fell to its lowest level in nearly 15 months.

Friday’s economic data slate is primarily limited to reading at 10 am (Greenwich Mean Time 1400), so attention will be focused on next week’s meeting.

“This is likely to be one of the major ultimate event risks before the market closes for the summer,” said an analyst at ING. “The Fed may suggest that the tapered debate could be closer than before, but it seems consensus that it doesn’t rush into anything.”

In corporate news, so-called meme stocks could continue to be in the limelight on Friday after a mass sale in a previous session.

AMC Entertainment (NYSE :), GameStop (NYSE :) and Clover Health (NASDAQ :) all suffered double-digit losses on Thursday and withdrew from the recent explosive rally.

Crude oil prices rose on Friday and are expected to rise three times a week in anticipation of a recovery in fuel demand as the global economy recovers from a pandemic.

After rising to its highest since October 2018 on Thursday, it rose 0.6% to $ 70.74 a barrel by 7:05 ET. After closing on Thursday at its highest since May 2019, it rose 0.5% to $ 72.88.

The International Energy Agency said on Friday that the world’s top oil producers need to increase production to meet the demand set to return to pre-pandemic levels by the end of 2022.

“OPEC + needs to open a faucet to maintain adequate supply to the global oil market,” Paris-based Energy Watchdog said in a monthly report.

“In 2022, a 24-member OPEC + group led by Saudi Arabia and Russia has room to increase crude oil supply by 1.4 million barrels (bpd) per day above the July 2021 to March 2022 target. “

Later on Friday, traders will release a weekly commitment report of traders, focusing on the latest weekly updates from a number of oil rigs.

Elsewhere, it fell 0.2% to $ 1,892.20 / oz, but fell 0.2% to trade at 1.2147.



US futures have a higher edge; inflation data will focus on Fed meetings by Investing.com

Source link US futures have a higher edge; inflation data will focus on Fed meetings by Investing.com

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