A Peek Into The Markets: US Stock Futures Down Following Wednesday s Sell-Off Benzinga 2 hrs ago
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U.S. stock futures traded lower in early pre-market trade after the Dow Jones dipped over 680 points in the previous session amid rising inflationary pressures. Investors are awaiting earnings results from Alibaba Group Holding Ltd – ADR (NYSE: BABA), Walt Disney Co (NYSE: DIS) and Coinbase Global Inc (NASDAQ: COIN).
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Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Jobless claims are likely to decline to 475,000 for the May 8 week from 498,000 in the previous week. The Producer Price Index for April is scheduled for release at 8:30 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 10:00 a.m. ET, while Fed Governor Christopher Waller will speak at 1:00 p.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 4:00 p.m. ET.
The Federal Reserve needs several more months of data to ensure recent weak job growth and high inflation are temporary before considering changes to its ultra-easy monetary policy, Fed Governor.
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I think the economy is ready to rip, Waller told CNBC s Steve Liesman during a Squawk on the Street interview. There s still more to do on that, but I think everyone s getting a lot more comfortable with having the virus under control and we re starting to see it in the form of economic activity.
Those comments came amid a decidedly upward move in economic data.
There are further indications that job growth continued into April, with jobless claims last week tumbling to 576,000, easily the lowest level since the early days of the coronavirs pandemic.
Coupled all that with a vaccination pace in excess of the 3 million a day, and it adds up to a strong outlook, Waller said.
4/16/2021 2:25:27 PM GMT | By Eren Sengezer
In an interview with CNBC, Fed Governor Christopher Waller said on Friday that he expects inflation to rise to 2.5% for this year, as reported by Reuterts.
Additional takeaways Seeing a 6.5% GDP growth this year. Unemployment will drop further. We will see some surge in demand from stimulus, pent up savings. We will see a surge but with virus under control and 70% vaccinated, fundamentals for good strong growth are there. We have to keep in mind, we are not there yet. We still need to make up for lost ground, we still have a long way to go.