US equity-index futures advanced ahead of key inflation data due later on Tuesday. Treasury yields dipped and the dollar extended a decline.
Contracts on the S&P 500 and Nasdaq 100 posted modest increases after the S&P completed its best four-day surge since June on Monday following robust pre-order data for Apple Inc.’s iPhone 14 Pro Max. The Bloomberg Dollar Spot index declined a third day, the longest losing streak in more than a month, as investors weigh positive signs in the economy against hawkish rhetoric from Federal Reserve policy makers.
The US inflation report is expected to show headline CPI cooled for a second month in August. That’s ignited a debate among market participants about the outlook for monetary policy, with some wagering the Fed could end its tightening cycle sooner. Others warn that the central bank will want more evidence of sustained moderation in price increases, with tighter policy weighing on economic growth and riskier assets.
Bank of America Corp.’s latest survey showed investors are fleeing equities en masse amid the specter of a recession, with allocations to stocks at record lows and cash exposure at all-time highs. The number of investors expecting a recession has reached the highest since May 2020, strategists led by Michael Hartnett wrote in a note on Tuesday.
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