Business

US stock futures mixed as traders await key inflation and virus news

U.S. stock futures were mixed on Monday, as investors pored over the latest news on the spread of the coronavirus and braced for fresh inflation data later in the week.

What’s going on
  • Futures contract based on the Dow Jones Industrial Average
    YM00,
    + 0.45%

    up 91 points, or 0.3%, to 34658

  • Futures on S&P 500
    ES00,
    + 0.13%

    almost flat at 4538

  • Nasdaq 100 futures contract
    NQ00,
    -0.47%

    down 71 points, or 78 points, to 15639

Last week, the Dow Jones Industrial Average
DJIA,
-0.17%

down 0.9%, S&P 500
SPX,
-0.84%

down 1.2% and Nasdaq Composite
COMP,
-1.92%

down 2.6%.

What is driving the market?

Anthony Fauci told CNN’s “State of the Union” that early reports of the spread of the omicron variant of the coronavirus suggest it may be less deadly than delta waves. Reports from South Africa show that while the virus is spreading rapidly, hospitalizations are not.

Traders tried to analyze the impact of Friday’s mixed jobs report, which showed slowing job growth but a sharp drop in unemployment, as they braced for the release of benchmark price data. used on Friday. There was also important news from China, where the central bank cut reserve requirements for banks while China Evergrande
3333,
-19.56%

admits that it may not be able to pay its creditors.

Luca Paolini, chief strategist at Pictet Asset Management, said economies have adapted well to the pandemic. “Consumer and industrial demand is growing strongly, supply bottlenecks look set to ease, and corporate earnings and margins remain stable,” he said. The company is neutral on stocks and negative on bonds.

Source link US stock futures mixed as traders await key inflation and virus news

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