Premarket trading was relatively quiet today, according to the Associated Press, ahead of this week’s release of new U.S inflation data and the beginning of the earnings season for some of the world’s biggest retailers. Futures for the S&P 500 and Nasdaq rose more than 0.3% higher before the bell, while futures for the Dow Jones Industrial Average gained about 0.2%.
Key Corp. jumped more than 20% after the regional bank announced a $2.8 billion investment from the Bank of Nova Scotia. The Cleveland bank said the cash influx will allow it to drive further growth in its investment banking and wealth management businesses.
New data on U.S. inflation at the consumer and wholesale level will be released this week, along with more insights into how U.S. retailers fared last month. Retailers have largely topped performance expectations this year, but there are signs that millions of Americans are pulling back on spending after an extended period of inflation. Still, economists believe there is some growth in sales after they stalled in June.
Worries remain about the strength of the U.S. economy. That dragged Treasury yields lower Friday as investors sought safer places for their money and expectations built for deeper cuts to interest rates coming from the Federal Reserve. The yield on the 10-year Treasury stabilized today at 3.95% after falling to 3.94% from 3.99% on Friday.
In other dealings early this morning, U.S. benchmark crude oil rebounded, gaining 82 cents to $77.66 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 69 cents to $80.35 per barrel.
The U.S. dollar rose to 147.59 Japanese yen from 146.63 yen.
