Dow Futures up 0.1% Ahead of Key Inflation Report

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Dow Futures up 0.1% Ahead of Key Inflation Report
Credit: © Reuters.

By Oliver Gray 

Investing.com - Dow futures moved slightly higher in overnight trading on Monday, following declines among major benchmark averages during regular trade as U.S. Treasury yields surged ahead of fresh inflation data set to be released on Tuesday.

At 6:30pm E.T (10:30pm GMT), Dow Jones Futures , S&P 500 Futures and Nasdaq 100 Futures were each trading 0.1% higher.

The overnight moves come as investors await the release of March’s highly anticipated consumer price index on Tuesday with market analysts expecting the highest annual increase in prices since December 1981 amid rising food costs, rents and energy prices.

Investors are also looking ahead to the start of earnings season on Wednesday with JPMorgan Chase & Co (NYSE: JPM ) and Delta Air Lines Inc (NYSE: DAL ) set to report earnings results, followed by several big banks on Thursday.

During regular trading on Monday, the Dow Jones Industrial Average fell 413.04 points or 1.19% to 34,308.09, the S&P 500 fell 75.73 points or 1.69% to 4,412.53 and the NASDAQ Composite retreated 299.04 points or 2.18% to 13,411.96.

Technology companies suffered as market participants rotated into safer assets amid surging bond yields. Amazon.com Inc (NASDAQ: AMZN ) lost 2.2%, Microsoft Corporation (NASDAQ: MSFT ) fell 3.9%, Apple Inc (NASDAQ: AAPL ) dipped 2.6%, Alphabet Inc (NASDAQ: GOOGL ) lost 2.4% and NVIDIA Corporation (NASDAQ: NVDA ) shed 5.2%.

Energy companies also retreated amid easing Oil prices as lockdowns in China threaten to curb demand. Occidental Petroleum Corporation (NYSE: OXY ) fell 6.3%, Diamondback Energy Inc (NASDAQ: FANG ) lost 4.9%, Exxon Mobil Corp (NYSE: XOM ) shed 3.4%, Chevron Corp (NYSE: CVX ) dipped 2.6% and ConocoPhillips (NYSE: COP ) declined 4.9%.

Meantime, U.S. bond yields continued to rise as investors digested the Fed’s plans to tighten monetary policy settings. The United States 10-Year yield was near its highest levels since January 2019 at 2.774%.  

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