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Equity futures flat as Wall Street looks ahead to key inflation data

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, USA, September 9, 2022.

Brendan Mcdermid | Reuters

Equity futures were flat on Sunday night as Wall Street looks ahead to key inflation data to be released this week.

The Dow Jones Industrial Average futures rose 46 points, or 0.15%. S&P 500 futures were up 0.14% and Nasdaq 100 futures gained 0.18%.

The moves came after a winning week for US stocks, as all three major averages have broke a three week loss streak. The Dow gained 2.66% this week, while the S&P 500 gained 3.65%. The Nasdaq Composite was up 4.14%.

Stocks were volatile ahead of the Federal Reserve meeting in September, where the central bank is expected to implement its third consecutive 0.75 percentage point rate hike in a bid to combat high inflation.

Wall Street investors have been looking for signs that the magnitude of future rate hikes could be smaller as inflation cools, Fed Chair Jerome Powell reiterated last week that he is “strongly committed” to curbing inflation.

This week, investors look ahead to the consumer price index report of August, will be released on Tuesday. The report is one of the last data on inflation to see the Fed ahead of its September meeting. Retail sales and industrial production reports will be released Thursday.

“With the expectation of another 0.3% rise in core rates for August, if the number is higher it will be negative for equities and bonds. If the report is less it will be a catalyst for a market rally,” David Donabedian , Chief Investment Officer of CIBC Private Wealth US “Retail sales are expected to remain flat in August, as they were in the previous month.”

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