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Market Snapshot: U.S. stock futures edge higher ahead of inflation data that could show core measure of prices cooling

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U.S. stock futures edged higher Tuesday ahead of the latest reading on inflation, as traders await the latest verdict on how supply-side disruptions are impacting prices.

What’s happening
  • Futures on the Dow Jones Industrial Average
    YM00,
    +0.20%

    rose 0.2%, or 57 points, to 34811
  • Futures on the S&P 500
    ES00,
    +0.18%

    rose 0.1%, or 6 points, to 4465
  • Futures on the Nasdaq 100
    NQ00,
    +0.06%

    were fractionally higher, up 5 points to 15434

On Monday, the Dow
DJIA,
+0.76%

jumped 262 points, or 0.8%, to end at 34869, ending a five-session losing run. The S&P 500
SPX,
+0.23%

rose 10 points, or 0.2%, to 4468, while the Nasdaq Composite
COMP,
-0.07%

slipped 10 points, or 0.1%, to 15105.

What’s driving markets

Traders await the latest consumer price data, due from the Labor Department, at 8:30 a.m. Eastern. Economists polled by The Wall Street Journal expect a 0.4% rise in August, and a 0.3% increase in core CPI.

Economists at TD Securities led by Jim O’Sullivan, a multiple winner of MarketWatch’s Forecaster of the Year competition, also expect a 0.4% increase in CPI, but a 0.2% rise in core prices. “Used vehicle prices, which have been surging, likely declined. Other travel items probably slowed as well,” the TD Securities economists said in a note to clients.

If they’re correct, that would be the slowest rise in the core reading since February. Core prices are closely scrutinized by central bankers because they more closely correlate with future inflation than the headline number.

What companies are in focus?
  • Apple
    AAPL,
    +0.39%

    will be in the spotlight as the megacap tech star launches its latest iPhones at an event due to start at 1 p.m. Eastern.
  • Database software giant Oracle
    ORCL,
    -0.88%

    edged 2% lower in after-hours trade as its revenue for its fiscal first quarter came in below Wall Street estimates.
How are other assets trading?
  • Chinese stocks continued to come under pressure, with the Shanghai Composite
    SHCOMP,
    -1.42%

    falling 1.4% and the Hang Seng
    HSI,
    -1.21%

    dropping 1.2%. Analysts continue to focus on the declining fortunes of property giant China Evergrande
    3333,
    -11.87%
    ,
    and a key slate of economics data is due on Wednesday.

The Moneyist: My fiancé made a lot of money as a child actor, but now his income is choppy. Would I be on the hook for alimony if we divorced?

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