US equities are likely to start the new trading session of the week on a firm footing, continuing the upward momentum seen since the middle of last week. In the absence of a key catalyst for the session, market participants are likely to trade cautiously, especially ahead of Tuesday’s consumer price inflation report.
US major moving averages ended the week ended September 9th on particularly positive note as bargain hunting lifted them off six-week lows. The rise since Wednesday helped the S&P 500 Index end a three-week losing streak.
| index | Performance (+/-) | value | |
|---|---|---|---|
| Nasdaq Composite | +4.14% | 12.112.31 | |
| S&P 500 Index | +3.65% | 4,067.36 | |
| Dow Industrials | +2.66% | 32,151.71 |
Here’s an inside look at index futures trading:
| index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 futures | +0.61% | |
| S&P 500 futures | +0.54% | |
| Dow futures | +0.41% | |
| R2K futures | +0.01% |
In premarket trading on Monday, the SPDR S&P 500 ETF Trust SPY rose 0.49% to $408.61 and the Invesco QQQ TrustQQQ rose 0.51% to $308.65 Benzinga Pro data.
The economic calendar for the day is fairly blank with only the results of a series of US Treasury auctions and the Federal Reserve Bank of New York’s September US CPI expectations due for the day.
All eyes are likely to be on Tuesday’s August CPI report, which could have a say in the Federal Reserve’s September monetary policy decision, due later this month.
See also: S&P 500 begins 3-week losing streak as investors digest latest inflation comments from Powell
In company news, a Reuters report suggested that the The US government could expand the restrictions already announced the export of chips and chip manufacturing equipment to China for the next month. Stocks in space…
