Stock Market Today: Dow futures slip as China stimulus measures disappoint
The major U.S. stock indexes opened higher on Tuesday, following a slide during the final hours of trading on Monday. The Dow Jones Industrial Average ended 0.9% down on Monday. The S&P 500 was off 1% and the Nasdaq Composite closed 1.2% lower.
Stocks look to recover a bit on Tuesday, but investors may still be cautious as they wait for Thursday’s CPI data. That’s after September’s strong jobs data revived some worries about inflation.
“That growing awareness of inflation risk helped drive a fresh bond selloff yesterday, as investors dialed back the likelihood of rapid rate cuts from central banks,” Jim Reid, managing director and analyst at Deutsche Bank, wrote in a note. “Interestingly, there’s even started to be some initial doubt as to whether the Fed will cut at all at the next meeting in November, with futures now pricing in another rate cut as just an 88% probability.”
The Dow Jones Industrial Average opened 0.2% higher, at 42,022.65.
The S&P 500 opened 0.4% higher, at 5,719.14.
The Nasdaq Composite opened 0.5% higher, at 18,017.93.