A rally in Tesla shares lifted Nasdaq futures at the start of a busy week of key economic data.
This week will bring data on consumer prices, producer prices and retail sales that will help investors gauge the Federal Reserve’s next steps in its campaign to rein in inflation. The central bank’s rate-setting committee will meet next week.
Japan’s central bank chief Kazuo Ueda signaled over the weekend that it may end its negative-interest-rate policy. Japanese investors have invested heavily in bonds in the United States and elsewhere; Higher domestic rates will encourage them to bring those investments home.
US stock futures gained. Contracts linked to the three major indexes rose modestly.
Tesla shares rose 6% in premarket trading after Morgan Stanley upgraded the stock. Other tech stocks were also higher premarket, including Qualcomm, Nvidia and Meta.
Treasury yields rose. The yield on the benchmark 10-year US Treasury note traded below 4.3%.
Foreign bonds fell. Japanese bonds rose to their highest level since 2014 as investors gauged the impact of a possible policy change. European bonds also fell.
The US dollar is under pressure. China’s yuan rose after the central bank stepped up its defense of the currency. The Japanese yen also rose.
Stocks overseas mostly rose. Major European and Chinese indexes gained, while Hong Kong and Tokyo stocks fell.