Stock futures rise to start the week as traders await midterm elections and inflation report

US stock futures rise ahead of midterm elections, says inflation report

US stock futures rose on Monday as a busy week began, with the midterm congressional elections and key inflation data on deck over the next few days.

The Dow Jones Industrial Average futures contract was trading up 129 points, or 0.4%. S&P 500 and Nasdaq 100 futures rose 0.4% and 0.3%, respectively.

Those gains came even with Apple down 1% after the tech company said iPhone production has been temporarily reduced Due to Covid-19 restrictions in China.

Tuesday’s midterm elections will determine which party will dominate Congress, and influence the direction of future spending. Democrats currently control the House of Representatives, and have a majority in the Senate. Republicans can be swept Indicates greater support for oil and gas companies.

On the economic front, investors are expecting Thursday’s CPI report to provide more information on the Federal Reserve’s efforts to crush inflation. A hot inflation report could signal to investors that a shift from higher interest rates for a longer period may be farther than expected.

“[In] In order for the stock and bond markets to match inflation performance after the peak indicated in the table, inflation must continue to decline – and at a faster pace than we have seen so far. Until the Fed signals the “pivot” approaching, things may still be difficult,” Byrd’s Ross Mayfield wrote in a recent note.

Wall Street came out of a strong session, with the Dow rising 400 points, or 1.3%. The S&P 500 and Nasdaq Composite also rose over 1% each. However, the major averages closed the week with losses. The Dow ended a four-week winning streak on interest rate hike concerns.

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Elsewhere, several companies are expected to announce on Monday including Palantir . techniquesAnd the Activision BlizzardAnd the Lift And the Take-Two Interactive. interactive. Corporate earnings season ends with the majority of companies in the S&P 500 reporting their results.

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