Stocks are poised to open lower on Monday. (Photo by Spencer Platt/Getty Images)
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U.S. stocks were poised for a lower opening on Monday ahead of the Federal Reserve’s decision on interest rates, due out on Wednesday.
At 6:15 p.m. Eastern time, futures for the Dow Jones Industrial Average fell 133 points, or 0.4%, while S&P 500 futures were down 0.7% and Nasdaq futures fell 1%.
The downward pressure on the open comes after stocks fell on Friday after a report on the consumer price index for May showed prices rose at a hotter-than-expected rate. The Fed has been trying to combat inflation, and is expected to raise its benchmark interest rate another half-percentage point after the conclusion of its two-day meeting on Wednesday.
Other inflation measures are also out this week, including the producer price index for May, which shows what companies are getting for the products they sell. Analysts expect the PPI for May to rise 10.8% over the same month last year. Excluding volatile energy and food prices, the number is expected to rise 8.7% for the year.
Retail sales for May are expected out on Wednesday, with the consensus of analysts looking for a monthly increase of 0.15% seasonally adjusted increase from April, or an increase of 0.7% when excluding autos.
A panel of advisors to the Food and Drug Administration is expected to meet Wednesday to review data and decide whether to recommend Pfizer and Moderna vaccines for children under five years old.
Keurig Dr. Pepper and ON Semiconductor will joing the S&P 500 on Friday after the close of trading.
Companies reporting earnings this week include Oracle on Monday after the closing bell, Kroger on Thursday morning, and Adobe on Thursday evening.
Write to Liz Moyer at [email protected]
