Inflation Watch
Dow futures fell 0.2%, S&P 500 futures 0.3%, and Nasdaq 100 futures 0.4%.
Coming up: weekly inflation statistics
Investors will watch Tuesday’s U.S. inflation report to determine when the Fed will lower rates.
The consumer price index is predicted to grow 0.4% in February following a faster-than-expected 0.3% increase in January, partly due to rising fuel costs. The “core” metric, which excludes volatile goods like food and energy, fell to 0.3% month-on-month from 0.4%.
On Thursday, Fed Chair Jerome Powell suggested rates may be lowered “at some point this year,” but he and his colleagues aren’t ready.
Thursday’s February retail sales report is predicted to rise 0.8% after declining the same amount a month earlier.
Stable gold prices
Gold prices were slightly below record highs in European trade on Monday as investors focused on U.S. inflation data.
After Powell stated price hikes were moderating to Fed-acceptable levels, gold prices reached record highs last week. The statement raised optimism that the Fed may soon lower borrowing prices from two-decade highs.
The February labor market data showed stable but decreasing U.S. employment, and dollar and Treasury yield weakness helped bullion prices.
By 04:22 ET, spot gold was up 0.1% to $2,181.45 an ounce and April gold futures were up 0.1% to $2,188.05. Gold futures reached a record $2,203.0 an ounce last week, while spot gold reached $2,195.20.
Bitcoin hits record
Bitcoin reached a record $70,400 in European trade on Monday, continuing its recent rise.
The coin traded at $71,554.1 on 04:24 ET.
Bitcoin demand has increased due to the introduction of new exchange-traded funds monitoring its price earlier this year and predictions that the Fed would soon ease its restrictive policies. The market is also supported by a “halving” event that will reduce Bitcoin minting.
After the Bitcoin bubble in 2021, a “crypto winter” left millions of investors out of pocket, causing regulators to warn of market hazards.
Economic Calendar
- 10:00 AM Employment Trends for February
- 1:00 PM Results of $56B, 3-Year Note Auction
Other Key Events:
- Deutsche Bank 32nd Annual Media, Internet & Telecom Conference, 3/11-3/13, in Palm Beach, FL
- JP Morgan Industrials Conference, 3/11-3/14, in New York
- Loop Capital Annual Investor Conference, 3/11-3/12, in New York
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