Dow futures rise 125 pts; durable goods, pending home sales data due By

By Peter Nurse

-- U.S. stocks are Huanma Forex official websiteseen opening higher Monday, recovering ground after last week’s losses ahead of the release of a raft of U.S. economic data which should provide more insight on the near-term path of interest rates.

At 07:00 ET (12:00 GMT), the contract was up 125 points, or 0.4%, traded 18 points, or 0.5% higher, and climbed 68 points, or 0.6%.

The major indices closed sharply lower Friday, suffering their worst week so far this year after the Federal Reserve’s favorite inflation gauge, the , increased by more than expected. This fueled expectations that the U.S. central bank will need to push interest rates higher and keep them elevated for longer than previously seen.

The blue-chip lost 3% last week, its fourth straight losing week. The broad-based dropped 2.7%, and the tech-heavy lost 3.3%.

The hot core PCE number, added to a string of stronger-than-expected economic data, has pushed the implied Federal Funds target rate up to 5.42% by July, some 75 basis points higher than at present.

Investors will get fresh insights into the strength of the economy this week with a raft of data, starting Monday with , , and the .

In the corporate sector, Seagen (NASDAQ:) stock soared over 17% after the Wall Street Journal reported that drug giant (NYSE:), down 1.8%, was in early talks to acquire the biotech firm, in a deal possibly worth over $30 billion.

Tesla (NASDAQ:) stock rose 2% after announcing its German plant is now producing 4,000 electric cars per week, three weeks ahead of schedule.

(NYSE:) stock rose 8% after the railroad operator’s chief executive officer Lance Fritz said on Sunday he would step down this year, bowing to pressure after hedge fund Soroban Capital Partners called for him to be replaced.

Oil prices edged lower Monday, continuing last week’s weakness on the back of the stronger over concerns that the Fed will maintain a hawkish stance for a prolonged period.

A firm dollar makes commodities, like oil, priced in the U.S. currency more expensive for foreign buyers.

Adding to the headwinds, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the showed.

By 07:00 ET, futures traded 0.5% lower at $75.95 a barrel, while the contract fell 0.6% to $82.36. Both benchmarks lost around 1% last week, and are on course to lose 4% this month.

Additionally, rose 0.1% to $1,818.05/oz, while traded 0.1% higher at 1.0560.

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