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Equities have advanced in recent weeks, with the three main
stock indexes also clocking their highest close for the year on
Monday, buoyed by expectations that the U.S. central bank is
done hiking rates and could potentially ease monetary policy
next year.
Market participants will keenly watch consumer price index (CPI)
data for November, due at 8:30 a.m. ET. The report is expected
to show headline inflation remained unchanged month-on-month,
with core CPI expected to advance 0.3%, according to economists
polled by Reuters.
The data is set to come in on the heels of the Fed's monetary
policy meeting during the day, with a decision on interest rates
at the end of the meeting on Wednesday.
Money markets have almost fully priced in a rate-hike pause at
the end of the Fed meeting, with traders seeing a 47.5% chance
of a cut as soon as March 2024, and a 79.4% chance of a cut in
May, according to CME Group's FedWatch tool.
The European Central Bank and the Bank of England are also
scheduled to deliver their policy verdicts later this week.
Google-parent Alphabet underperformed its megacap peers, down
1.1% in premarket trading, after "Fortnite" maker Epic Games
prevailed in its high-profile antitrust trial over the company.
At 5:26 a.m. ET, Dow e-minis were up 57 points, or 0.16%, S&P
500 e-minis were up 3 points, or 0.06%, and Nasdaq 100 e-minis
were up 26.5 points, or 0.16%.
Among other movers, Oracle fell 8.9% as the cloud services
provider forecast third-quarter revenue below estimates on
slowing demand for its cloud offerings.
Lucid was down 3.8% after the electric-vehicle maker's CFO
Sherry House stepped down.
Airbnb fell 2.9% after Barclays downgraded the short-term rental
firm's shares to "underweight" from "equal weight".
(Reporting by Shristi Achar A in Bengaluru; Editing by Shounak
Dasgupta)
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