Stock futures are little changed ahead of key inflation data: Live updates

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, July 20, 2023.Brendan McDermid | ReutersStock futures were little changed Sunday night as investors awaited a batch of economic data in the week ahead and earnings from two major tech companies.Futures tied to the Dow Jones Industrial Average ticked higher by 9 points, or 0.01%. S&P 500 futures and Nasdaq 100 futures edged higher by 0.02% and 0.07%, respectively.On Friday stocks finished a down week on a high note. The Dow gained 75.86 points, or 0.22%, to close at 34,576.59, while the S&P edged higher by 0.14% to snap a three-day losing streak and finish at 4,457.49. The Nasdaq Composite eked out a 0.09% gain and settled at 13,761.53. All three indexes posted a losing week, however. It was the first negative week in three for the S&P and Nasdaq.Investors are looking forward to key inflation data in the week ahead after a string of stronger-than-expected economic data points last week renewed worries that the Federal Reserve could raise rates more than previously expected. Traders are pricing in a roughly 4 in 10 chance of an increase in November after an anticipated pause in September, according to CME Group’s Fed Watch tool.”Overall, the market will be looking for direction amid recent choppiness and concern that the economy is set to slow down in the coming quarters,” Yung-Yu Ma, chief investment strategist at BMO Wealth Management, told CNBC.Wednesday and Thursday bring the latest consumer price index and producer price index readings, respectively. Investors are hoping for low readings, although both are expected to jump due to energy cost pressures.”Both CPI and PPI inflation reports will highlight the importance of oil price, which has pushed toward the upper end of its one-year trading range,” Ma said. “A break above $90/barrel for WTI would start to cause concerns for future price pressures in the economy.”Retail sales data is also expected Thursday and the University of Michigan’s Consumer Sentiment Survey will be released on Friday, which should give insight on how well spending could hold up for the rest of the year.Elsewhere, investors are also getting financial updates from two big tech giants: Oracle on Monday and Adobe on Thursday.Apple will also hold its product event on Tuesday, dubbed “Wonderlust,” during which the company is widely anticipated to unveil the iPhone 15.Apple is coming off a down week and dipped below its 50-day moving average following reports that China plans to expand a ban on the use of iPhones in government agencies and state-owned companies. That raised fears among investors that the largest S&P 500 stock could be breaking. …

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