Wall Street falls as report shows US inflation still red hot
U.S. markets were mixed ahead of the opening bell on Thursday as investors await reports on U.S. inflation and employment
NEW YORK — U.S. markets were mixed ahead of the opening bell Thursday as investors awaited data on U.S. inflation and employment.
Futures for the Dow Jones Industrial were up a slight 0.2%, while futures for the S&P 500 declined by 0.1%.
Investors are awaiting the release of the U.S. Labor Department’s report on inflation for January. Economists are forecasting that consumer prices rose 7.3%, a four-decade high.
An unexpectedly smaller rise in prices in Thursday’s data release could signal inflation easing and could support markets, though a bigger increase would weigh on stocks since it would up pressure on the U.S. Federal Reserve to move more quickly to raise interest rates to fight inflation.
The government will also release weekly unemployment claims data Thursday.
The Walt Disney Co. gained more than 10% in off-hours trading after it reported a rebound in theme-park attendance last quarter and that it added more subscribers to its Disney+ streaming service than analysts expected.
Global shares mostly mimicked New York’s Tuesday gains. Germany’s DAX rose 0.4% and Britain’s FTSE 100 edged up 0.2%. France’s CAC 40 edged down 0.1% after being up early.
Japan’s benchmark Nikkei 225 rose 0.4% to finish at 27,696.08. Australia’s S&P/ASX 200 gained 0.3% to 7,288.50. South Korea’s Kospi added 0.1% to 2,771.93. Hong Kong’s Hang Seng edged up 0.4% to 24,924.35, while the Shanghai Composite edged up 0.2% to 3,485.91.
Japan extended measures in Tokyo and some other places to curb outbreaks of the coronavirus for three weeks, until March 6, to try to bring the spread of the omicron variant under control. The restrictions, mostly requests to restaurants and bars to close early, had been scheduled to end on Sunday.
Also on market players’ minds is how Russia has massed over 100,000 troops near Ukraine’s border, prompting protests from the U.S., Europe and other allies. Western nations say they will impose their toughest-ever sanctions on Russian businesses and individuals if Moscow invades Ukraine.
The yield on the 10-year Treasury fell to 1.94% on Thursday, down from 1.95%, the highest it’s been since before the pandemic began.
In energy trading, benchmark U.S. crude rose 91 cents to $90.57 a barrel in electronic trading on the New York Mercantile Exchange. It rose 30 cents to $89.66 per barrel. Brent crude, the international standard, added 66 cents to $92.21 a barrel.
In currency trading, the U.S. dollar rose to 115.78 Japanese yen from 115.52 yen. The euro cost $1.1434, up from $1.1427.
