Published on 13 Feb 2024 on Benzinga

... Flags Key CPI Report Item To Watch - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500...

Wall Street is poised to open in the red on Tuesday as stock futures declined ahead of the all-important consumer price inflation report for January. Overbought levels could be on traders’ minds, especially as the market moves past the crucial phase of the reporting season. The major drivers in the near term could be pointers toward the Federal Reserve’s rate trajectory, particularly as the market heads toward a historically soft March.

Fund manager Louis Navellier said he expects benign inflation numbers this week. He highlighted shelter costs, also known as owner-equivalent rent, as the key component to watch, given its recent reacceleration. “However, the high-end rental market is showing some signs of excess capacity, which may help moderate rental costs.”