Monday was the fourth day in a row that stocks went up. Investors were looking forward to important inflation data coming out later in the week. Futures for the Dow Jones Industrial AverageDJIA +1.19% went up 90 points, or 0.3% after the index rose 1.2% on Friday to close at 32,151. Futures for the S&P 500SPX +1.53% showed a 0.4% gain, and the tech-heavy NasdaqCOMP +2.11% was set to gain 0.5%.
Overseas, the pan-European Stoxx 600 went up 0.5%, and the Nikkei 225 in Tokyo went up 1.2%. Last week, stocks went up after losing money for three straight weeks, and it looked like they would keep going up on Monday, which would be the fourth day in a row.
“Asia, where things have been trading in a good direction, is giving the U.S. and European futures a boost,” said Naeem Aslam, an analyst at broker AvaTrade. The U.S. consumer price index for August will be a big deal in the coming days.
Before the Federal Reserve makes its next decision on monetary policy, which is set for next week, the inflation data will be very important. This year, tighter financial conditions have shook the stock market and made the possibility of a recession more likely.
This is because central banks have been fighting back against red-hot inflation by raising interest rates more quickly than they have in decades. When the Fed meets on Sept. 20-21, rates are likely to go up by 75 basis points for the third time.
“For the rest of the week, everything will be about the U.S. Jim Reid, a strategist at Deutsche Bank, said, “Tomorrow is the last CPI report before the Fed’s meeting on September 21.” “The Fed is now in its blackout period, so there will be less talk about the central bank this week.”
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