Stock futures rose on Monday as Wall Street looked ahead to key inflation data to be released this week.
Dow Jones industrial average futures rose 71 points, or 0.2%. S&P 500 futures rose 0.4%, and Nasdaq 100 futures added 0.5%.
The moves came after a winning week for U.S. stocks in the three major averages Snapped a three-week losing streak. The Dow added 2.6% for the week, while the S&P 500 gained 3.7%. The Nasdaq composite was up 4.1%.
Stocks were volatile ahead of the Federal Reserve’s September meeting, where the central bank is expected to deliver its third consecutive 0.75 percentage point rate hike in an effort to combat high inflation.
Wall Street investors were looking for signs that future rate hikes may be smaller as inflation eases, with Fed Chair Jerome Powell reiterating last week that he is “strongly committed” to keeping inflation low.
The European Central Bank announced its own big rate hike last week, which helped Cooling the US dollar’s recent rally.
“We see the relief in equity prices and the recent broader dollar correction continuing into the week as markets continue to see short-term peak central bank prudence and positioning relatively defensive,” Citi strategist Ibrahim Rahbari said in a note to clients.
This week, investors are looking ahead August Consumer Price Index Report, It is scheduled to be released on Tuesday. The report is one of the last data on inflation the central bank will look at ahead of its September meeting. Retail sales and industrial production reports will be released on Thursday.