Dow Jones futures advance as market eyes inflation data, tech earnings
Dow Jones futures advance 0.48% to trade around 52,750 during the European hours on Tuesday. Meanwhile, S&P 500 futures gain 0.17% to trade around 7,590 and Nasdaq 100 futures decline 0.15% to trade around 27,970.
On Tuesday, Dow Jones futures surged 0.48% to trade around 52,750 during European hours. S&P 500 futures climbed 0.17% to 7,590, while Nasdaq 100 futures fell 0.15% to 27,970. Investors were awaiting the October Consumer Price Index (CPI) report, as headline CPI was expected to rise by 0.3% month-over-month, while core CPI was anticipated to moderate to 0.2% from 0.3%.
However, the Bureau of Labor Statistics would not publish 12-month percentage changes due to data loss from the federal government shutdown. Market participants focused on CoreWeave's upcoming earnings release for insight into the artificial intelligence sector, following a rally from Monday's session. Semiconductor stocks led the recovery from last week's decline, driven by concerns over AI oversight and potential delays in data center expansion.
Nvidia's shares dropped over 4% after CEO Jensen Huang admitted to an alleged affair with a suspected Chinese spy, raising fears of stricter export controls. Rabobank analysts noted that US equities were recovering from the post-Midterm election sell-off, with the S&P 500 gaining 3% to pre-November 4 levels. The tech-heavy Nasdaq also rebounded, up 5% over two sessions, aided by the Philadelphia Semiconductor Index, which surged over 11%.
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