Investing.com -- U.S. stock futures edged higher Monday, starting the new week on a positive note as investors await more corporate earnings and key inflation data.
The benchmark Wall Street indices suffered losses last week, with the tech-heavy Nasdaq Composite losing 2.9% and the broad-based S&P 500 down 2.3%, their worst weeks since March. The blue-chip Dow Jones Industrial Average fell 1.1%.
Inflation data in spotlight
The focus of attention this week will be on Thursday’s release of the latest consumer inflation data, which could give traders further insight into the potential policy path ahead for the Federal Reserve.
The consumer price index for July is expected to accelerate to 3.3% annually, up from 3.0% in the prior month, while the core figure , which strips out volatile items like food and energy, is projected to slow to 4.7% year-on-year.
Producer prices, on Friday, will complete the inflation outlook, with core PPI expected to rise by 2.3% from a year earlier.
Entertainment sector dominates earnings
The corporate sector is entering the final stretch of the second-quarter earnings season. According to FactSet data cited by CNBC, more than 84% of the businesses in the S&P 500 have already reported, with about four-fifths of these numbers topping Wall Street expectations.
Disney, in particular, has had a string of disappointing film releases, and its theme parks also seem to be struggling.
Investment management giant KKR (NYSE: KKR ), software group Palantir (NYSE: PLTR ), and entertainment firm Paramount Global (NASDAQ: PARA ) will make up some of the biggest companies unveiling their latest quarterly results on Monday.
Crude retreats from four-month highs
Oil prices edged lower Monday, but remained near their highest levels since mid-April after top producers Saudi Arabia and Russia announced plans late last week to extend output cuts for another month to tighten global markets further.
Both contracts recorded their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022.
(Oliver Gray contributed to this article.)
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