Futures On US Stocks Point To A Better Start On Wall Street; Crude Oil Goes Up

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U.S. stock futures went up in early pre-market trading on Monday, a day after they went up. In the last session, the Dow Jones went up about 1.2% and the Nasdaq Composite went up 250 points. The major Wall Street indices also went up for the first time in four weeks. The Dow went up 2.7% for the week, while the S&P 500 went up 3.6%.

The markets are now waiting for Tuesday’s report on consumer prices in August to see if there are any signs that inflation is starting to slow down. Inflation is expected to slow down in August, going from 8.5% in July to 8.1%. Oracle Corporation (NYSE: ORCL) and Matrix Service Company (NASDAQ: MTRX), whose earnings are due out today, are also being watched by investors.

At 11 a.m., information about how consumers feel about inflation will be released. ET. In July, US consumer inflation expectations for the next year dropped to 6.2%. In August, they are likely to drop even more, to 6.1%. Futures for the Dow Jones Industrial Average went up 175 points to 32,339, and futures for the Standard & Poor’s 500 index went up 27 points to 4,094.25.

The Nasdaq index futures went up 92.75 points to 12,685.25. Brent crude futures went up by 1% to trade at $93.75 per barrel, and US WTI crude futures went up by 0.8% to trade at $87.48 per barrel. This week, Baker Hughes Inc. said that the number of active oil rigs in the U.S. went down by 5 to 591. The U.S. has the most COVID-19 cases and deaths of any country in the world. More than 97,095,090 people have been infected, and about 1,075,660 have died. India said there were at least 44,500,580 confirmed cases, and France said there were more than 34,718,130 confirmed cases.

A Peek Into Global Markets

Today, European markets were up. The STOXX Europe 600 Index went up 0.8%, the FTSE 100 Index in London went up 1.2%, and the IBEX 35 Index in Spain went up 1.2%. The French CAC 40 Index went up by 1.2%, and the German DAX went up by 1.6%. In July, industrial production in the UK fell by 0.3% compared to the previous month, when it fell by 0.9%. The trade deficit also went down from GBP 11.4 billion in June to GBP 7.8 billion in July.

In July, the British economy grew by 0.2% compared to the month before. In June, the economy went down by 0.6%. Italy’s industrial production went up 0.4% from a month earlier to July. This came after a revised 2% drop the month before. The Asian markets went up today. The Nikkei 225 went up 1.16%, the S&P/ASX 200 went up 1%, and the S&P BSE SENSEX went up 0.7%. In August, India sold 281,210 passenger cars, which was 4.3% less than the month before. In July, sales went up by 13.1%.

Broker Recommendation

Piper Sandler changed Carvana Co. (NYSE: CVNA) from Neutral to Overweight and lowered the price target from $98 to $73. Shares of Carvana went up 4.3% to $38.18 before the market opened.

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