US stock futures little changed ahead of US-China trade talks
US stock futures little changed ahead of US-China trade talks
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Fed Chair Powell says tariffs may increase inflation
Federal Reserve Chair Jerome Powell says the economy is in "good condition," but notes inflation's uncertainty.
U.S. stock futures are little changed with inflation data due and possibly, some clarity on where the U.S. and China stand on trade issues and how the Senate may vote on the more than 1,000-page tax bill before it.
The May consumer price index report, due midweek, could provide insight into whether the tariff rollercoaster is reviving inflation. It is the first full month of data since President Donald Trump announced his aggressive tariff plan on April 2. Many of the harshest tariffs have been rolled back or paused, but some have kicked in.
Wholesale price data are due the next day and could give investors an idea of whether there is inflation coming down the pipeline to Americans. Wholesale prices are what businesses pay for their goods and services.
At the end of the week, a new consumer sentiment reading from the University of Michigan also includes data on inflation expectations.
Separately, officials from the U.S. and China are expected to hold trade talks in London, Trump said last week. The talks follow a phone call between Trump and Chinese President Xi Jinping after Trump accused China of violating terms of a tariff pause agreed on last month in Switzerland.
At 5:45 a.m. ET, futures linked to the blue-chip Dow rose 0.12%, while broad S&P 500 futures added 0.12% and tech-heavy Nasdaq futures were flat. All three indexes closed higher last week, and the S&P 500 is now less than 3% from its record high. The S&P 500 topped the 6,000 mark for the first time since Feb. 21.
Investors will also continue to watch the path of the One, Big Beautfil bill in the Senate after a public and fierce tit-for-tat exchange between Tesla chief executive Elon Musk and Trump over social media about the tax bill. Musk called the bill a "pork-filled Congressional spending bill is a disgusting abomination," and Trump called Musk "crazy."
Cryptocurrency
Cryptocurrency platform Gemini said it confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of class A shares. The IPO is expected after the SEC review process, it said in a release.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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