In the premarket session on Tuesday, US stock futures demonstrated upward movement as investors prepared for significant inflation data that could influence market trends. The Dow Jones Industrial Average futures noted a modest increase of 0.27%, while the S&P 500 futures gained 0.30%. Nasdaq futures reflected even stronger momentum, rising by 0.33%.
Conversely, oil prices experienced a decline. The front-month global benchmarks for Brent crude saw a decrease of 0.36%, while West Texas Intermediate crude dropped by 0.26%. The anticipation surrounding the producer price index (PPI) for December is palpable, with the data set to be released at 8:30 AM ET.
Economists forecast an uptick of 0.4% in the index, consistent with the previous month’s performance. Of particular interest is the core PPI, which excludes food and energy prices, expected to increase by 0.2%, mirroring November’s growth. In terms of market performance, some stocks have surged ahead.
Nature's Miracle ($NMHI) witnessed a staggering 143% rise in the premarket, effectively recovering from a significant 38% loss recorded on Monday. Similarly, H&E Equipment Services ($HEES) shares rose by 107% after the announcement of a substantial acquisition deal by United Rentals (URI) valued at approximately $4.8 billion.
Additionally, Staffing 360 Solutions ($STAF.US) saw its shares skyrocket by 61%, following the news of a modification in its merger agreement with Atlantic International, which will facilitate the conversion of certain borrowings into equity. On the downside, some stocks faced losses. Mineralys Therapeutics ($MLYS) fell by 6.5%, compounding a 5.2% loss from the previous day.
Bogota Financial ($BSBK) shares plummeted by 32% after experiencing a slight rise of 2.8% in the previous session. Cryo-Cell International ($CCEL) also recorded a downturn, with shares dipping by 27% after a gain of 2.1% on Monday. As the market digests this information, investors remain cautious yet optimistic about the potential implications of upcoming economic data on stock performance..