AP
Stocks were little changed at the open as investors await key economic data out later this week.
Shortly after the open, the
futures was nearly flat, while the
rose 0.2% and the
advanced 0.5%.
Asian stocks finished mixed, with the
flat, but South Korea’s
rising nearly 1% after data showed surging factory-gate prices in China. Fresh signs of global inflation come a day ahead of a key update on U.S. consumer prices.
A much sharper-than-expected rise in April prices last month temporarily shook up markets. Investors are waiting to see if strong inflation data will prompt the Federal Reserve to pull back on its accommodative monetary stance, which could turn into a headwind for stocks.
China’s producer-price index climbed 9% from a year ago in May, a surge from April’s 6.8% increase, according to data from the National Bureau of Statistics. The gain was higher than the 8.6% increase predicted in a poll of economists from The Wall Street Journal, and was the fastest rise since September 2008.
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The jump in prices dented shares of mining stocks in Europe, with
and
under pressure. The
was little changed, while the
where many of those mining stocks are listed, dropped 0.2%.
Markets will be closely watching Thursday’s European Central Bank monetary-policy decision, particularly to see if the central bank will keep its current pace of bond purchases intact.
Shares of
(ticker: GME) slipped 1.4%. The videogame retailer and popular meme stock will report results after the market close.
(WISH) stock spiked 23.3%, as it seems the stock has gotten caught up in the “meme stock” frenzy.
(CL) stock gained 0.5% after getting upgraded to Outperform from Neutral at Credit Suisse.
(CC) stock rose 3% after getting upgraded to Buy from Neutral at Goldman Sachs.
(ANF) stock gained 1.9% after getting upgraded to Buy from Hold at Jefferies.
(WEN) stock dropped 5% after getting downgraded Hold from Buy at Stifel.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
