US STOCKS-S&P, Dow futures edge higher ahead of inflation data

  • 4/13/2021
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(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Futures: Dow up 0.15%, S&P rises 0.10%, Nasdaq flat April 13 (Reuters) - Futures tracking the S&P 500 and the Dow ticked higher on Tuesday ahead of data that is likely to show an uptick in inflation in a sign that the economic rebound is gathering steam. The benchmark 10-year Treasury yield inched closer to 1.7% before the Labor Department’s data that is expected to show U.S. consumer prices rose 0.5% in March from 0.4% in February. The report is due at 8:30 a.m. ET (1230 GMT). A steady retreat in bond yields since the start of this month on expectations that a spike in inflation this year would be transitory has revived demand for high-growth tech stocks and sent the S&P 500 and the Dow to record highs. Investors are also marking time ahead of the start of the first-quarter earnings season, with results from Goldman Sachs , JPMorgan and Wells Fargo on deck on Wednesday. Analysts expect earnings for S&P 500 firms to jump 25% from a year ago, driven by strength in consumer discretionary and financial companies, according to Refinitiv IBES data. At 6:06 a.m. ET, Dow E-minis were up 51 points, or 0.15%, S&P 500 E-minis were up 4 points, or 0.1% and Nasdaq 100 E-minis were up 3.25 points, or 0.02%. Among stocks, U.S.-listed shares of e-commerce firm JD.com and search giant Baidu fell about 2% each in premarket trading as China’s market regulator warned internet companies to stop using any banned practices. Cryptocurrency and blockchain-related firms including Riot Blockchain and Marathon Digital Holdings jumped 9% and 8% as bitcoin prices soared 4.5%, a day ahead of listing of Coinbase, the largest U.S. cryptocurrency exchange. (Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel)

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