By Oliver Gray
Investing.com - U.S. stock futures were trading lower during Sunday’s evening trade, after major benchmark averages fell to 3-week lows as growing recession fears tempered risk sentiment, with investors looking ahead to key CPI data and a widely expected 50 basis point rate hike from Federal Reserve policymakers.
By 18:25 ET (23:25 GMT) Dow Jones Futures and S&P 500 Futures were down 0.2% while Nasdaq 100 Futures declined 0.3%.
Ahead in the week, market participants will be closely monitoring consumer price index data on Tuesday, and the Federal Reserve’s interest rate decision and statement on Wednesday, with policymakers set to raise rates by 50 basis points following four months of 75 bps hikes. In addition, traders will be watching retail sales, manufacturing and services PMIs, industrial production, and the Philadelphia Fed Manufacturing Index.
During Friday’s trade, Dow Jones Industrial Average fell 305 points or 0.9% to 33,476.5, the S&P 500 lost 29.1 points or 0.7% to 3,934.4, and the NASDAQ Composite dipped 77.4 points or 0.7% to 11,004.6. For the week, the Dow shed 2.5%, the S&P500 lost 2.8%, and the NASDAQ declined 3.4%.
On the data front, last week’s producer price index rose by 0.3% in November, above expectations of 0.2%, while annualized growth rate fell from 8.1% to 7.4%, above expectations of 7.2%, while the Michigan consumer sentiment index rose from 56.8 to 59.1, above expectations of 56.9.
On the bond markets, United States 10-Year rates were at 3.584%.