Stock Market News: Dow Set to Open Down

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U.S. stock futures were falling on Monday, with inflation data later this week likely to be the market’s focus as traders reprice the likelihood of multiple interest-rate cuts this year.

Dow Jones Industrial Average futures were down 47 points, or 0.1%. S&P 500 futures were also down 0.1%, as were and Nasdaq Composite futures.

March inflation figures are set to be released on Wednesday, with the market recently scaling back expectations for the Federal Reserve’s interest-rate cuts this year. The Bureau of Labor Statistics’ consumer price index for March is expected to rise by 3.4% from a year earlier. Consensus calls for a 3.7% year-over-year increase in the core CPI, which excludes food and energy components.

“Even though futures are still pricing a rate cut by June as the most likely outcome, it was down to just a 54% chance by the close on Friday. That also meant that Treasury yields have reached new highs for the year,” wrote Deutsche Bank analyst Jim Reid in a research note.

The yield on the benchmark 10-year U.S. Treasury note stood at 4.438% early on Monday, ticking up from the previous week. Ahead of the inflation report, the Federal Reserve Bank of New York will release its survey of consumer expectations for March on Monday.