Stock futures perked higher Monday as the market looked for another day of constructive action. Nvidia and ASML Holding headed some positive premarket trade among chip stocks. Virgin Galactic spiked on a successful test flight. Intel headed the Dow Jones today, and HP Inc. ran high on the S&P 500 following a price-target hike.
Dow Jones futures strengthened to a 0.3% gain.
Rising inflation pressures are getting the blame for heightened stock-market volatility after data earlier this month showed the consumer-price index rose a hotter-than-expected 4.2% year-over-year in April. That prompted fears the Fed could move earlier than anticipated to begin pulling back on its monetary policy accommodation.
Most Fed officials have maintained that it remains too early to begin contemplating the withdrawal of monetary support.
Meanwhile, stocks last week largely mirrored the price action of the previous week, slumping early before enjoying a late-week bounce, said Sam Stovall, chief investment strategist at CFRA.
“Since the market’s low on May 19 did not undercut the low from the prior week, however, it was viewed as a successful retest of that earlier low, indicating that the recent selloff had run its course and that a near-term rally was likely at hand,” Stovall said, in a note.
Talks continue around President Joe Biden’s infrastructure push. The White House on Friday trimmed the size of its proposal from $2.3 trillion to $1.7 trillion in an effort to win Republican support.
The effort failed to bear fruit with Senate Republicans so far, according to news reports, raising doubts about prospects for a deal before a Memorial Day target. Democrats could attempt to move on their own if the stalemate continues, using budget reconciliation procedures.
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