Futures rise as focus shifts to inflation data, Fed meet

U.S. stock index futures rose on Monday ahead of inflation data and the Federal Reserve’s interest rate decision this week, while Biogen shares gained in premarket trading after the U.S. FDA panel backed its Alzheimer’s drug.

Investors are on the watch for the U.S. Labor Department’s consumer price index reading on Tuesday, also the first day of the Fed’s meeting, for clues on the U.S. monetary policy path.

The data is expected to show inflation cooled slightly in May but core prices are likely to have remained elevated.

Traders see a nearly 79% chance of the central bank pausing rate hikes in its June meeting, while pricing in a 56% chance of a 25-basis-point increase in July, according to the CME Fedwatch tool.

The benchmark S&P 500 (.SPX) notched gains for a fourth straight week on Friday, building on a 20% rise from its October 2022 lows, heralding the start of a new bull market as defined by some market participants.

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