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US STOCKS-Futures mixed as PPI set to kick off data barrage
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US STOCKS-Futures mixed as PPI set to kick off data barrage
Aug 13, 2024 4:22 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Home Depot ( HD ) falls after cutting FY sales, profit targets

*

U.S. PPI data due at 8:30 a.m. ET

*

Futures: Dow down 0.3%, S&P 500 up 0.07%, Nasdaq up 0.17%

(Updated at 6:45 a.m. ET/1045 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 13 (Reuters) -

U.S. stock index futures were mixed on Tuesday ahead of

producer prices data that will likely offer some clues on the

progress in the Federal Reserve's interest-rate path, while Home

Depot ( HD ) slid after the company cut its full-year profit forecast.

Stocks wobbled on Monday with the S&P 500 nearly flat

and the Nasdaq eking out modest gains, following a

turbulent week marked by mixed economic reports and a rate hike

by Japan's central bank.

Macro data will grab the spotlight before the opening bell

as the U.S. producer price index (PPI) reading is expected to

show that inflation moderated to 2.3% in July on a yearly basis,

while it remained unchanged at 0.2% for the month.

This will be followed by the all-important consumer price

(CPI) figures for July on Wednesday and retail sales data on

Thursday.

Traders continue to be evenly split between 25- and 50-basis

point interest rate cut by the Federal Reserve in September and

expect the year-end rate at 4.25%-4.50%, according to CME's

FedWatch Tool.

"One could argue that equity is still in recovery mode after

last week's shake out, and holding out from really putting money

to work until we get the key US data this week, where pricing

U.S. growth is still the main game in town," said Chris Weston,

head of research at Pepperstone.

Futures linked to the Dow came under pressure as

shares of Home Depot ( HD ) slipped 4.6% after the home

improvement chain forecast a decline in annual profit and a

bigger drop in its annual comparable sales. Rival Lowe's

also fell 3.1%.

At 06:45 a.m. ET, Dow E-minis were down 119 points, or

0.3%, S&P 500 E-minis were up 3.5 points, or 0.07%, and

Nasdaq 100 E-minis were up 32 points, or 0.17%.

Futures for the small-cap focused Russell 2000 index

slipped 0.4%.

Also, on investors' radar will be comments from Atlanta Fed

President Raphael Bostic, due at 1:15 p.m. ET, on the outlook

for the U.S. economy.

Wall Street's fear gauge, CBOE Volatility Index was

at 20.66 points after falling to 18.87 on Monday.

In premarket trading, chipmaker Nvidia ( NVDA ) led the

inclines for megacap and growth stocks with a 1.2% gain.

Roger Federer-backed On Holding beat analysts'

estimates for second-quarter revenue on strong demand from

customers looking for trendy products, but its shares fell over

8% after the company reiterated its annual sales forecast.

BuzzFeed ( BZFD ) rose 15.6% after the digital media company

narrowed its net loss in the second quarter to $6.6 million from

$22.5 million a year earlier.

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