Traders work on the floor of the New York Stock Exchange (NYSE), September 6, 2022.
Brendan McDermid | Reuters
U.S. stock futures slipped slightly on Sunday as investors looked ahead to a week filled with the congressional midterm elections, as well as the latest report on consumer price inflation.
Dow Jones Industrial Average futures were down 31 points, or 0.1%. S&P 500 and Nasdaq 100 futures declined 0.15% and 0.25%, respectively.
Apple shares may fall after the tech company said iPhone production has been temporarily reduced Due to Covid-19 restrictions in China.
The moves follow Friday’s rally, when the Dow Jones Industrial Average rose nearly 402 points, or 1.3%. The S&P 500 is up 1.36% and the Nasdaq Composite is up 1.28%. However, the major averages closed the week with losses. The Dow ended a four-week winning streak on interest rate hike concerns.
Tuesday’s midterm elections will determine which party will dominate Congress, and influence the direction of future spending. Democrats currently control the House of Representatives, and have a majority in the Senate. Republicans can be swept Indicates greater support for oil and gas companies.
On the economic front, investors are expecting Thursday’s CPI report to shed more light on the Federal Reserve’s efforts to crush inflation. A hot inflation report could signal to investors that a shift from higher interest rates for a longer period may be farther than expected.
“[In] In order for the stock and bond markets to match inflation performance after the peak indicated in the table, inflation must continue to decline – and at a faster pace than we have seen so far. Until the Fed signals the “pivot” approaching, things may still be difficult,” Byrd’s Ross Mayfield wrote in a recent note.
Elsewhere, several companies are expected to announce on Monday including Palantir . techniquesAnd the Activision BlizzardAnd the Lift And the Take-Two Interactive. interactive. Corporate earnings season ends with the majority of companies in the S&P 500 reporting their results.
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