Outlook 05/14: U.S. stock futures back and forth after latest U.S. inflation data. The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists had anticipated. Stock futures gave back earlier gains after the data release, while bond yields ticked higher. A report from the New York Federal Reserve showed that consumers’ expectations for inflation over the short and long term grew in April. The results put pressure on the major averages and weighed on stocks.
/ESM24 (JUN 2024): YVAH 5252 YPOC 5244 YVAL 5242 GAP 5242.50
/ES Plan: Yesterday market closed bearish (PBT 5226), but overnight, after PPI, looks more bullish, moving within previous value/range, so these're the opening and initial balance options for today:
