Stock market news for May 12, 2024

[Pelican Press 0]

Stock market news for May 12, 2024

Traders work on the floor of the New York Stock Exchange (NYSE) on the last day of trading for the year on December 29, 2023 in New York City. 

Spencer Platt | Getty Images News | Getty Images

Stock futures were slightly up on Monday morning, with Wall Street looking toward fresh inflation data this week.

Futures tied to the S&P 500 rose 0.1%, while Nasdaq 100 futures climbed 0.21%. Dow Jones Industrial Average futures rose 3 points, or 0.01%.The 30-stock Dow is coming off of its eighth-straight winning session on Friday as well as its best week of the year.

Investors will look for insights into the Federal Reserve’s monetary policy moving forward with April’s consumer price index report due out on Wednesday. Traders hope that a return to rate hikes is largely off the table for the Fed despite a slew of hotter-than-expected inflation prints in recent months. April’s CPI print will serve as a key gauge of whether or not equities can remain on stable footing after a stronger-than-expected first-quarter earnings season.

Results so far have helped stocks remain resilient despite the inflation overhang. 92% of S&P 500 companies have reported as of Friday, with neatly 80% of firms surpassing Wall Street forecasts, per FactSet data.

“Earnings estimates may have become too pessimistic leading into 1Q24 results, and widespread beat-and-raise throughout reporting season appears to have catalyzed a turnaround in sentiment,” Barclays analyst Venu Krishna wrote Friday.

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