Tuesday, February 7, 2023
HomeMarketStocks Poised for Lower Open

Stocks Poised for Lower Open

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U.S. stocks are poised for a slightly lower open on Monday ahead of data on the consumer price index for November and the Federal Reserve’s decision on interest rates this week.

At 6:32 p.m. Sunday night, Dow Jones Industrial Average futures lost 44 points, or 0.1%, while the S&P 500 futures lost 0.2%, and Nasdaq Composite futures fell 0.2%.

Crude oil futures (West Texas Intermediate, the U.S. standard) rose 1.6% to $72.18 a barrel. Brent crude, the international standard, gained 1.2% to $77.03 a barrel. 

This week’s earnings include: Coupa Software and Oracle on Monday; ABM Industries, PHX Minerals, Photronics, and Transcontinental on Tuesday; Lennar, Nordson, and Trip.com on Wednesday; Adobe and Jabil on Thursday; and Accenture, Darden Restaurants, and Winnebago Industries on Friday.

This week’s notable economic events include: On Tuesday, the Bureau of Labor Statistics will report the November Consumer Price Index, and the House Financial Services Committee will hold an initial hearing investigating the collapse of cryptocurrency exchange FTX. 

On Wednesday, the Federal Open Market Committee will conclude its two-day meeting and is expected to announce a 0.5 percentage-point increase in the fed-funds rate. The Fed will also publish its latest Summary of Economic Projections, and Fed Chair Jerome Powell will give remarks after the rate announcement. Also Wednesday, the Bureau of Labor Statistics releases its Export Price index.

On Thursday, the Census Bureau will report retail sales data for November, the Philadelphia Fed will release its monthly Manufacturing Business Outlook Survey, a measure of manufacturing activity, and the Federal Reserve will release November industrial production figures, which measure the output of factories, mines, and utilities. Also Thursday, the Labor Department releases initial unemployment insurance claims for the week ended Dec. 10, and the European Central Bank will announce a monetary policy decision.

On Friday, S&P Global will release December purchasing managers indexes for the manufacturing and services sectors in various countries.

Write to Janet H. Cho at janet.cho@dowjones.com

Credit: marketwatch.com

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