Tokyo – Wall Street markets saw a slight increase as investors awaited the release of more inflation data from the U.S. government. Futures for the Dow Jones Industrials and S&P 500 were both up by less than 0.1% before the opening bell on Tuesday.
Home Depot shares rose by 1.8% in premarket trading after the home improvement chain beat profit expectations but experienced its third consecutive quarter of declining sales. The retailer attributed the decrease in sales to elevated mortgage rates, which have made it more expensive for individuals to buy or renovate homes.
Meme stocks continued to surge on Tuesday, building on their gains from the previous day. GameStop rose by 83% before the opening bell, while AMC Entertainment and BlackBerry also saw significant increases.
Investors were closely monitoring inflation indicators to assess the direction of economic growth and the strength of the dollar. Stocks have been rallying this month on hopes that inflation will ease enough for the Federal Reserve to consider cutting interest rates later in the year.
The upcoming week includes updates on inflation for wholesalers and retail sales in the U.S., which could provide insight into the current economic situation. Concerns have been rising about potential cracks in consumer spending, particularly among lower-income households.
In international markets, France’s CAC 40 and Germany’s DAX experienced slight declines, while Britain’s FTSE 100 saw a modest increase. Japan’s Nikkei 225 and South Korea’s Kospi both posted gains, while Chinese markets remained flat ahead of expected tariff announcements by the Biden administration.
In commodity trading, U.S. crude oil prices dipped slightly, while the dollar strengthened against the Japanese yen and the euro. On Monday, the S&P 500 and Nasdaq composite saw minor fluctuations, while the Dow Jones Industrial Average experienced a slight decline.
Overall, investors are keeping a close watch on economic indicators and corporate earnings reports to assess the trajectory of the global economy.