US stock futures rose as Wall Street awaited April’s inflation report, which is expected to provide clues about how the war in Iran is affecting the economy and where Federal Reserve interest rates may be headed.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) ticked up 0.6%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) rose 0.8%.
On Monday, stocks edged higher as gains in semiconductor shares pushed the S&P 500 (^GSPC) and Nasdaq (^IXIC) to record highs. In the background, though, escalating tensions between the US and Iran kept investors on edge as President Trump said the ceasefire agreement between the two countries was on “massive life support” after he rejected the latest peace offer.
Markets are anticipating the release of April’s Consumer Price Index (CPI) on Tuesday morning. The data will provide fresh insight into how the US-Iran war is affecting the economy and shaping the direction of Federal Reserve monetary policy, especially in light of April’s stronger-than-expected jobs report. Economists expect CPI to have risen 3.7% in April.
Also on Tuesday, President Trump will kick off a trip to China, where he will meet with Chinese President Xi Jinping. Trade and AI are expected to top the leaders’ agenda, and Trump has invited 16 top executives, including Tesla CEO Elon Musk and Apple CEO Tim Cook, to join him during the visit.
Later this week, investors will get another look at inflation with the release of wholesale inflation figures on Wednesday. Earnings season also continues this week. Results are expected from Applied Materials (AMAT), Cisco Systems (CSCO), Alibaba Group (BABA), and Birkenstock (BIRK).
LIVE 1 update
- GameStop shares spike then fall in after-hours rollercoaster after Roaring Kitty posts on X
Bloomberg reports:
GameStop Corp (GME). shares spiked and then quickly dropped in postmarket trading Monday after cryptic social media posts showed up and then disappeared from the social media account of Keith Gill, the financial influencer known as “Roaring Kitty,” who became prominent during the 2021 meme-stock craze.
GameStop’s stock jumped as much as 13% before paring those gains to trade lower after the posts — including one depicting a cat, and another with a picture of the online character Pepe the Frog wearing Roaring Kitty’s trademark red bandanna — were deleted around 5:40 p.m. in New York, less than an hour after they went up.
Shares of Chewy Inc., which was founded by GameStop’s current chief executive officer, Ryan Cohen, also rose as much as 3% before erasing the move.