US stock futures were stable today after last week’s decline as the S&P 500 and Nasdaq 100 fell nearly 1%.
Investors are keenly awaiting the March consumer and producer price index readings later this week, as another high CPI could weigh on expectations of a June rate cut and could add pressure on the market, especially since many Fed members remain unconvinced that inflation has stabilized enough to commence cuts.
Additionally, the release of the Fed’s March meeting minutes on Wednesday is highly anticipated and could fuel some volatility.
The real estate sector declined last week, heavily influenced by expectations of interest rates, while the energy sector benefited from rising oil prices.
In premarket trading today, Tesla saw an upswing after CEO Elon Musk announced an unveiling date of August 8 for its new robotaxi. The news could support the stock which has been declining for several months. Shares in companies linked to cryptocurrencies also rose, with Bitcoin approaching its previous high.
The market could also monitor first quarter earnings from major banks like JPMorgan Chase, Wells Fargo, and Citigroup on Friday which could affect sentiment.
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