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US STOCKS-Futures steady as investor focus turns to inflation data
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US STOCKS-Futures steady as investor focus turns to inflation data
Dec 9, 2024 3:52 AM

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

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

*

Futures down: Dow 0.05%, S&P 500 0.08%, Nasdaq 0.14%

Dec 9 (Reuters) - U.S. stock index futures were subdued

on Monday after the S&P 500 and the Nasdaq notched record

closing highs in the previous session on upbeat corporate

forecasts, while investors awaited a key inflation report due

later in the week.

The consumer prices index (CPI) data due on Wednesday is

among the last major datasets ahead of the Federal Reserve's

Dec. 17-18 meeting and could influence the bank's monetary

policy path.

Money market participants are now pricing in an about

87% chance of a 25-basis-point cut in the next week, according

to the CME's FedWatch tool.

The bets increased after strong November employment numbers

on Friday, with some analysts saying the data was not hot enough

to keep the Fed from cutting rates this month.

However, a host of Fed officials including Chair Jerome

Powell have said that the central bank could afford to be more

cautious with its monetary policy easing path, given the

resilience of the economy.

At 05:29 a.m. ET, Dow E-minis were down 24 points,

or 0.05%, S&P 500 E-minis were down 5 points, or 0.08%,

and Nasdaq 100 E-minis were down 30.5 points, or 0.14%.

Wall Street's main indexes kicked off December on a broadly

positive note, with benchmark S&P 500 and the tech-heavy

Nasdaq logging gains in their first week, while the Dow

ended the week marginally lower.

U.S. equities surged in November as Donald Trump's

victory in the presidential election and his party sweeping both

houses of Congress raised expectations of a friendlier policy

stance towards companies.

Investors were also keeping an eye on political developments

in Syria, France and South Korea.

Among notable premarket movers, Workday and Apollo

Global Management ( APO ) jumped 10% and 5.9%, respectively, on

their planned inclusion into the S&P 500 index.

Interpublic Group advanced 13.8% after a report said

marketing conglomerate Omnicom ( OMC ) was in advanced talks to

acquire the advertising company. Omnicom ( OMC ) shares were down 2.6%.

U.S.-listed shares of Chinese companies also gained after

the Chinese Politburo hinted at a shift to looser monetary

policy next year and more proactive fiscal policy to spur

economic growth. Alibaba was up 6.5%, PDD Holdings ( PDD )

climbed 9.8% and Baidu added 5.6%.

Most megacap and growth stocks were subdued, while Tesla

outperformed with a 1.9% gain.

(Reporting by Purvi Agarwal in Bengaluru; Editing by Devika

Syamnath)

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