Stock Futures Rise, Bonds Fluctuate After PPI Data: Markets Wrap

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Stock futures rose after a smaller-than-expected gain in producer prices suggested rapid inflation is poised to cool after supply disruptions sent prices soaring last year.

S&P 500 contracts signaled a third day of gains for the U.S. equity benchmark, while Treasuries fluctuated. The PPI for final demand increased 0.2% in December from the prior month, compared with the median projection in a Bloomberg survey of economists of 0.4%. Applications for U.S. state unemployment insurance rose unexpectedly for a second consecutive week.

In remarks prepared for a confirmation hearing before the Senate Banking Committe, Federal Reserve Governor Lael Brainard said tackling inflation and getting it back down to 2% while sustaining an inclusive recovery is the most pressing task. Fed Bank of Philadelphia President Patrick Harker joined the widespread calls by his colleagues for higher rates this year, suggesting they could start as early as March

Delta Air Lines Inc. rose after saying the omicron coronavirus variant won’t derail the carrier’s expectation to remain profitable for the rest of the year. Chipmakers were mixed as Taiwan Semiconductor Manufacturing Co. raised its growth projections and unveiled record spending plans for 2022. KB Home jumped after the homebuilder’s earnings beat estimates. Boeing Co.’s 737 Max is poised to resume commercial flights in China as soon as this month, according to people familiar with the matter.

Here are some key events this week:

  • Bank of Korea policy decision and briefing on Friday.
  • Wells Fargo, Citigroup, JPMorgan due to report earnings on Friday.
  • U.S. business inventories, industrial production, University of Michigan consumer sentiment, retail sales on Friday.
  • New York Fed President John Williams speaks Friday.

Some of the main moves in markets:

Stocks

  • Futures on the S&P 500 rose 0.2% as of 8:54 a.m. New York time
  • Futures on the Nasdaq 100 rose 0.4%
  • Futures on the Dow Jones Industrial Average rose 0.3%
  • The Stoxx Europe 600 rose 0.1%
  • The MSCI World index rose 0.1%

Currencies

  • The Bloomberg Dollar Spot Index fell 0.2%
  • The euro rose 0.2% to $1.1468
  • The British pound rose 0.3% to $1.3736
  • The Japanese yen rose 0.3% to 114.27 per dollar

Bonds

  • The yield on 10-year Treasuries declined one basis point to 1.73%
  • Germany’s 10-year yield declined one basis point to -0.07%
  • Britain’s 10-year yield declined one basis point to 1.13%

Commodities

  • West Texas Intermediate crude fell 0.5% to $82.21 a barrel
  • Gold futures fell 0.2% to $1,823.10 an ounce

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