As the trading week kicks off, the primary benchmarks of the US stock market are displaying positive gains ahead of the opening bell on Monday. This upward trend comes as investors gear up for the release of critical inflation indicators later this week, which are anticipated to influence market movements significantly. In the premarket trading, the Standard & Poor's 500 saw an increase of 0.7%, while the Nasdaq composite rose by 0.9%.
The Dow Jones Industrial Average also recorded a gain of 0.6%. Meanwhile, a contrasting trend was apparent across Asian exchanges, which leaned towards declines, whereas European markets indicated positive momentum. Traders are particularly focused on the upcoming consumer price index report for August, scheduled for release on Wednesday.
This will be closely followed by the producer price index, set to be unveiled on Thursday. These reports are crucial as last week's data suggested that the US economy added fewer jobs than anticipated in August, prompting further scrutiny into the inflation landscape. On Monday's economic calendar, the wholesale inventories report for July is due at 10 am ET, followed by the Federal Reserve's consumer credit bulletin for the same month at 3 pm, both of which could provide additional insights into economic health. Investments in individual stocks also highlighted the premarket landscape.
Shares of Palantir Technologies ($PLTR) surged 6.7%, and Dell Technologies ($DELL) rose by 6%, buoyed by last week's announcement that both companies would be incorporated into the S&P 500 prior to trading on September 23. Conversely, GameStop ($GME) experienced a drop of 2.8%. In stark contrast, Boeing ($BA) saw a notable increase of 6.1%, with Summit Therapeutics ($SMMT) experiencing a remarkable surge of 51%. In the after-hours market, Oracle ($ORCL) and Rubrik ($RBRK) are set to report their latest financial results, which could potentially influence their stock performance going forward. In the broader scope of the market, Bitcoin has made an impressive uptick of 1.9%, currently trading at $55,380.
The global oil market reflected its own gains, with West Texas Intermediate crude oil rising 0.6%, reaching a price of $68.04 per barrel. Additionally, yields on 10-year Treasury bonds have climbed by 4.3 basis points, standing at 3.75%, while gold prices have slightly softened, decreasing by 0.1% to settle at $2,523 per ounce. As the week progresses, market participants will remain vigilant, keenly observing how inflation figures will impact economic sentiment and stock valuations across the board..