U.S. stocks are poised for a higher open on Monday, as federal banking regulators announced
depositors would be able to access all their money on Monday with no loss to taxpayers.
Futures were also rising ahead of the Labor Department’s highly anticipated February consumer price index on Tuesday, and the producer price index for February on Wednesday.
At 6:32 p.m. Eastern Daylight Time on Sunday, Dow Jones Industrial Average futures were up 306 points, or 0.9%, while the S&P 500 futures gained 1.4%, and Nasdaq Composite futures gained 1.4%.
Bank regulators worked through the weekend to calm a growing crisis of confidence after the sudden collapse of SVB on Friday. They also closed New York-based Signature Bank and said depositors would have access to all of their money.
Andrew Brenner, head of international fixed income at National Alliance Capital Markets, said in an emailed note, “From our perspective the Fed has egg on their face, but CPI on Tuesday will still be important,” especially if the issue of bank failures is taken off the table.
Notable earnings this week include: Lennar on Tuesday; Adobe and Oatly Group on Wednesday; Dollar General, FedEx, Signet Jewelers, and Williams-Sonoma on Thursday.
This week’s notable economic events include: On Tuesday, the Labor Department will release its consumer price index for February, and the National Federation of Independent Business releases its Small Business Optimism Index for February.
On Wednesday, the Commerce Department releases February retail sales figures covering spending at stores, online, and at restaurants. Also Wednesday, the Bureau of Labor Statistics releases the producer price index for February, a measure of the prices suppliers charge businesses, and the National Association of Home Builders will release its Housing Market Index for March.
On Thursday, the Commerce Department releases figures on new residential construction and building permits for February, and the Labor Department will report the number of worker filings for unemployment benefits in the week ended March 11.
On Friday, the Federal Reserve releases February industrial-production figures, which measure the output of factories, mining, and utilities; and the University of Michigan releases its preliminary reading of consumer sentiment for March.
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