DOW JONES is trading down 0.26% at 32160.75
U.S. stocks are seen opening higher Wednesday, rebounding after recent losses ahead of the release of key inflation data which will likely guide market sentiment for the weeks ahead.
At 7:00 AM ET (1100 GMT), the Dow Futures contract was up 280 points, or 0.9%, S&P 500 Futures traded 45 points, or 1.1%, higher and Nasdaq 100 Futures climbed 180 points, or 1.5%.
Equity markets have been roiled over the last week after the Federal Reserve delivered a widely expected half percentage point rate hike and flagged similar moves at upcoming meetings as it battles to curb soaring inflation.
The blue-chip Dow Jones Industrial Average has dropped around 5.5% since the Fed meeting, the broad-based S&P 500 has fallen just under 7%, while the tech-heavy Nasdaq Composite has suffered the most, falling just under 10%, with the world’s largest technology companies suffering badly.
Investors are now focusing on the April consumer price inflation report, due at 8:30 AM ET (1230 GMT), which will show whether the fastest surge in inflation in over 40 years has peaked.
The annual rate of inflation came in at 8.5% in March as gasoline costs hit record highs, and economists are forecasting an annual rate of 8.1%, which could provide investors the evidence that the danger of even more aggressive monetary policy tightening from the Fed may be passing.
On technical fronts DOW JONES RSI stood at 32.29 and currently it is trading below all MA. So, SELL position can be taken with following target and stoploss:
