U.S. inflation data ahead, Home Depot to report - what's moving markets
Investing.com -- Investors' gazes are fixed on U.S. October inflation figures due out on Tuesday, which could provide some clarity into the Federal Reserve's interest rate plans. Meanwhile, Home Depot (NYSE:HD) is set to deliver its latest quarterly earnings, starting off a crush of financial reports from some of America's largest retail chains this week.
1. Inflation print ahead
Highlighting the economic calendar on Tuesday will be the much-anticipated release of the October U.S. consumer price index (CPI), with investors attempting to map out the potential path ahead for Federal Reserve monetary policy.
A closely-watched gauge of inflation in the world's largest economy, the headline CPI reading is expected to rise by 3.3% on an annualized basis. The month-on-month measure is seen increasing at 0.1%.
The core figure, which takes out more volatile items like food and energy, is seen at 4.1% annually and 0.3% from the previous month.
Bringing inflation back down to 2% has been the major objective of a long-standing series of interest rate hikes by the Fed, so policymakers will likely be keen to see signs that price pressures are cooling. However, officials have flagged that they may be open to further tightening if inflation remains elevated.
2. Futures steady with inflation data looming
U.S. stock futures edged up on Tuesday as investors awaited the publication of the CPI print.
By 04:57 ET (09:57 GMT), the Dow futures contract had risen by 39 points or 0.1%, S&P 500 futures had added 9 points or 0.2%, and Nasdaq 100 futures gained 47 points or 0.3%.
The main indices on Wall Street were mixed to end the prior session. The 30-stock Dow Jones Industrial Average added 0.2%, while the benchmark S&P 500 dipped by 0.1% and
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