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Dow Futures Tick Higher As Inflation Surges to 41-Year Highs


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By Oliver Gray – Dow futures inched higher in overnight trading Tuesday after major benchmark indices finished the regular session lower as investors digested the latest inflation data for March.

By 6:40pm ET (10:40pm GMT) Dow Jones Futures added 0.13%, S&P 500 Futures were up 0.07% and Nasdaq 100 Futures gained 0.05%.

Tuesday’s inflation data showed consumer prices rise 8.5% in March from the previous year — the highest level since 1981 and fueling concerns of tighter monetary policy from the Federal Reserve while Core CPI rose 0.3%, slightly below expectations.

The United States 10-Year bond yield hit new three-year highs at 2.82% before pulling back to 2.727%.

Investors are now focusing on the start of earnings season Wednesday, which begins with JPMorgan Chase & Co (NYSE:JPM) and Delta Air Lines Inc (NYSE:DAL).

Major indices finished Tuesday’s session in the negative as the Dow Jones Industrial Average fell 87.72 points or 0.26% to 34,220.36, the S&P 500 slipped 0.34% to 4,397.45 and the NASDAQ Composite fell 0.30% to 13,371.57.

Heavyweight financial players finished lower, with JPMorgan Chase & Co (NYSE:JPM) down 1.1%, Citizens Financial Group Inc (NYSE:CFG) losing 2.2%, Bank of America Corp (NYSE:BAC) falling 1.1% and Wells Fargo & Company (NYSE:WFC) down 1.8%.

Technology companies also struggled, with Block Inc (NYSE:SQ) down 0.2%, Inc (NASDAQ:AMZN) falling 0.2%, Microsoft Corporation (NASDAQ:MSFT) down 1.1% and Alphabet Inc (NASDAQ:GOOGL) falling 0.9%.

EV makers were mixed as Tesla Inc (NASDAQ:TSLA) added 1.1% while Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) declined 3.4% and 1.9% respectively.

Oil related companies also gained as Brent and WTI prices lifted after China partially relaxed Covid-19 lockdowns. Occidental Petroleum Corporation (NYSE:OXY) added 2.1%, Devon Energy Corporation (NYSE:DVN) gained 3.7%, Exxon Mobil Corp (NYSE:XOM) lifted 2.1% and ConocoPhillips (NYSE:COP) gained 2.1%.

Dow Futures Tick Higher As Inflation Surges to 41-Year Highs

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