U.S. Stock Futures Are Higher #Biden #SP500 #Retail
U.S. stock futures are higher. CPI rose 5.4% year over year in September compared to a 5.3% estimate & the monthly figure increased 0.4% versus 0.3% consensus. Principal issue is that the monthly rise may continue to increase due to a surge in energy prices relative to last year. Yields on long term treasuries ticked up roughly 2 bps each and S&P futures remain in positive territory. Global energy prices eased slightly with news that Iranian nuclear talks may resume within the next couple of weeks and potential new supply may enter the market. President Biden will present a plan today to lessen the congestion at West Coast ports by expanding round-the-clock operations. The President anticipates that this will alleviate supply chain issues; additionally, logistic companies and retailers, such as FedEx, UPS, Walmart & Home Depot, and others, are also cooperating. These companies are expected to increase overnight and off-hours operations at the ports to hasten product delivers to their respective customers. International markets are higher this morning.