Stock-index futures trade mixed Thursday as investors await May data on consumer price inflation.
Stock-index futures were mixed Thursday as investors prepared for a look at an eagerly awaited read on May inflation.
What’s driving the market? Stocks have remained in a holding pattern this week as investors awaited the May consumer-price index reading due at 8:30 a.m. Eastern. Economists expect CPI to show a 0.5% monthly rise for May. That would put the year-over-year rate at 4.8% or a bit higher, the fastest pace since 2008 when oil peaked at $150 a barrel.
A hotter-than-expected jump in the April CPI briefly rattled markets last month, sparking concerns over the potential for runaway inflation and the possibility the Federal Reserve could move sooner than anticipated to slow its bond purchases. “Investors appear to be backing away from the reflation trade precisely at the moment of greatest risk that the realized data catches up with expectations,” said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, in a note.
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