Wall Street Awaits Key Inflation Data Amid Fed Testimonies

Stock markets in the U.S., UK, and Europe opened cautiously on Monday. Paramount Global rose after Skydance merger, while Boeing gained post a plea deal on the 737 MAX probe. Investors eye crucial inflation data and Federal Reserve Chair Powell's Congressional testimony for future monetary policy cues.

Stock markets in the U.S., UK, and Europe opened cautiously on Monday, as investors brace for a week filled with crucial inflation readings and corporate earnings reports. Paramount Global saw a 2.9% rise after announcing a merger with Skydance Media. Boeing's shares also gained nearly 1% following a plea deal in the 737 MAX probe.

Expectations are high for Federal Reserve Chair Jerome Powell's upcoming Congressional testimony, which investors hope will provide clearer insights into the Fed's monetary policy. Traders now predict a 69% likelihood of a 25-basis-point interest rate cut at the Fed's September meeting.

Additionally, Thursday's consumer price index data release will be closely monitored to determine if price pressures are easing. The S&P 500 and Nasdaq continued their rally on Friday, buoyed by tech giants like Meta Platforms and Microsoft reaching record highs. Investors are also keenly anticipating earnings reports from major banks to gauge market stability.

(With inputs from agencies.)