Market Braces for Inflation Data and Debt Ceiling Deadline
US stock futures were mixed on Monday as investors awaited the release of crucial inflation data later in the week. The reading is expected to show that while inflation eased slightly in April, it still remained well above the Federal Reserve's 2% annual target range. Meanwhile, traders may receive more cues on the recent turmoil in the US banking sector when a report is unveiled later in the day. Oil prices gained Monday as hopes grew that the US may be able to avoid a recession even though the April jobs report could persuade the Fed to keep rates higher for longer.