Wall Street Braces For Lower Open As Inflation Data Looms, Bitcoin Breaks New Barrier: Why This Analyst Thinks Magnificent 7 Rally Has More Legs

U.S. stocks appear headed for a modestly lower open at the start of the week, with index futures pointing downward. Investors are likely focusing on key economic data releases, particularly the February Consumer Price Index (CPI) report due Tuesday. This data is seen as crucial for the Federal Reserve’s upcoming interest rate decision on March 19-20.

The Federal Open Market Committee (FOMC) meeting next week is in the spotlight. Market participants are watching for any signs of a potential rate cut, following recent dovish comments from Federal Reserve Chair Jerome Powell and President Joe Biden‘s suggestion of lower rates at a campaign rally.

Cues From Last Week

Major stock indices closed lower for the week ending March 8. The strong February non-farm payrolls report triggered profit-taking in overvalued tech stocks, despite the S&P 500 reaching a record high on Thursday and the broader market experiencing intraday highs on Friday. This early euphoria faded, leading to a pullback and negative close on Friday.

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