Dow futures jump more than 150 points after strong Walmart earnings, inflation data to come

Stock futures rose on Tuesday as traders eagerly awaited the release of more key US inflation data.

Dow Jones Industrial Average futures rose 172 points, or 0.5%. S&P 500 and Nasdaq-100 futures gained 0.8% and 1.2% respectively.

The Producer Price Index, which measures wholesale inflation, is due out at 8:30 a.m. ET. The report comes after the latest Consumer Price Index data showed signs of easing inflationary pressures last month, triggering a strong rally to end trading last week.

“After last week’s CPI understatement caused a huge rally in equities and a reversal in the dollar, the critical topic for markets this week will be the reaction of the Fed,” wrote Huw Roberts, chief executive. of analysis at Quant Insight, in a Monday note.

Federal Reserve Governors Christopher Waller and Lael Brainard spoke on Sunday and Monday, respectively, about the potential future course of monetary policy. Waller said the market was too optimistic and should brace for higher rates, while Brainard said the central bank could dampen rate hikes.

Philadelphia Fed President Patrick Harker, Fed Governor Lisa Cook and Fed Vice Chairman for Supervision Michael Barr are scheduled to speak on Tuesday.

Somewhere else, taiwan semiconductor, Louisiana-Pacific and Primordial surged after regulatory filings showed Warren Buffett’s Berkshire Hathaway had bought new positions in the former two and increased its stake in the latter.

Earnings season continues this week with retail reports from Target, Lowe’s, Bath and Body Works, Macy’s, Kohl’s and Foot Locker on deck.

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