S&P 500, Dow futures climb as oil slide lifts sentiment
SPY•S&P 500 and Dow futures rose 0.17% and 0.39%, respectively, as Brent crude fell 3.6% below $90 a barrel. Investors awaited October inflation data, with economists expecting monthly CPI to rise 0.3%.
1. Futures rise as oil falls
Futures tracking the S&P 500 and Dow rose on Tuesday as falling oil prices lifted sentiment ahead of inflation data. At 5:01 a.m. ET, Dow E-minis were up 0.39%, S&P 500 E-minis gained 0.17%, and Nasdaq 100 E-minis slipped 0.01%. Brent crude futures fell 3.6% to below $90 a barrel, its first time below that level since August.
2. Inflation data in focus
Economists surveyed expected October CPI to increase 0.3%, after a 0.6% rise in September, and core CPI to expand 2.8% year over year, following a 2.6% gain in September. The rate remains above the Federal Reserve’s 2% target. A hotter-than-expected reading could threaten the stock market’s recovery.
3. AI stocks and IPO watch
Nvidia rose 1.3%, while Micron and Marvell gained about 1% in premarket trading; Intel fell 0.5%. Anthropic was expected to launch its IPO roadshow on Tuesday, with pricing expected next week. CoreWeave, due to report quarterly results after the market close, rose 2.4% in premarket trading, while peer Nebius gained 1.5%.
