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Happy Tuesday. Stock futures were mixed as Wall Street awaited the release of a key inflation report.
The October consumer price index report is due at 8:30 a.m. ET. Economists polled by Dow Jones expect headline CPI to rise 0.3% and core CPI, which excludes volatile food and energy costs, to increase 0.2% from the prior month.
Markets closed higher Monday as investors engaged in broad-based dip-buying following a heavy sell-off in AI and technology stocks.
“Global markets are extending their recovery this morning after Wall Street recorded a strong session that was relatively broad-based, supported by a sharp decline in oil prices and renewed buying in technology stocks,” said Daniela Hathorn, senior market analyst at Capital.com.
Hathorn said the standout catalyst has been the sharp retreat in oil prices after President Donald Trump signaled that further military action against Iran was unlikely as diplomatic negotiations progressed.
“The recovery in technology stocks is also encouraging, although the divergence within the sector remains notable,” she said. “Semiconductor shares rebounded strongly yesterday, but Nvidia suffered amid the ongoing investigation involving CEO Jensen Huang.”
Nvidia shares ended lower Monday after the chipmaker’s board launched an investigation into Huang’s extramarital affair, which is believed to have been with alleged Chinese spy Alice Huang.
“This highlights how company-specific uncertainty can still weigh on sentiment even during a broader market rally,” Hathorn said. “More importantly, the underlying concerns about AI monetization, elevated capital expenditure and valuations have not disappeared.”
Today’s U.S. CPI report could be the decisive test for the recovery, she added.
“Following Friday’s stronger-than-expected employment figures, markets are pricing roughly an 85% probability of another Federal Reserve rate hike in December,” Hathorn noted.