Stock futures little changed as traders look to key inflation data: live updates

Fed officials stressed the need for more rate hikes to bring inflation back to the central bank’s target, according to several speeches on Monday.

Mary Daly, president of the Federal Reserve Bank of San Francisco, said in a Brookings Institution event“We’re likely going to need a couple more rate hikes over the course of this year.”

Meanwhile, Cleveland Fed President Loretta Mester, who is not a voting member on the Fed’s policymaking committee this year, also expressed the need for rates to be higher.

“To ensure that inflation is on a sustainable and timely path back to 2 percent, my view is that the funds rate will need to rise a little higher than its current level and then stay there for a while while we accumulate more information on how the economy is evolving,” he said in a event in san diego.

Michael Barr, Fed Vice President of Supervision meanwhile, he laid out a plan to mandate more capital for big US banks, speaking at the Bipartisan Policy Center in Washington DC

“We should be skeptical of the ability of bank administrators or regulators to anticipate all emerging risks,” Barr said, according to a transcript. “The events of the last few months have only reinforced the need for humility and skepticism, and for an approach that makes banks resilient to familiar and unforeseen risks,” she said.

—Jihye Lee

China will extend two financial policies that support its housing market until the end of 2024.

In a notice, The People’s Bank of China referred to a 16-step guideline last November that was released to bolster political support for the housing sector. The country will now extend the relevant policies until the end of the year.

Xinhua reported that the purpose of the measure is “to guide financial institutions to continue deferring loan payments for real estate companies, while reinforcing financial support for real estate companies to guarantee the delivery of housing projects.”

—Lim Hui Jie

WD-40 Company rose 4.7% in extended trading on Monday after the maker of lubricants and rust removers reported fiscal third quarter results. WD-40 posted $141.7 million in total net sales, an increase of 15% over the prior year.

CEO Steve Brass said in a statement: “I am happy to share with you that after two quarters of flat sales, we have returned to strong growth in the fiscal third quarter.”

Barclays has raised its 2023 price target on the S&P 500 price target to 4,150 from 3,725.

“We think stocks would remain range bound through the end of the year, and we don’t see the tech-focused rally extending to the rest of the S&P. We would tactically add exposure to secular growth,” analyst Venu Krishna said in a statement. note Monday. “That being said, history suggests that Big Tech and Rest of Tech could pull back in the near term as markets get jittery around the very low amplitude of the rally, which we would view as a tactical entry point.”

The broad market index ended Monday at 4,409.53.

The firm also raised its full-year 2023 earnings estimate from $200 to $218.

—Tanaya Machel

US stock futures were little changed on Monday night.

Dow Jones Industrial Average futures fell 2 points, or 0.01%. The S&P 500 fell 0.01%, while Nasdaq-100 futures rose 0.02%.

—Sarah Min