U.S. stock futures are higher this morning after the S&P 500 had a down week after five straight up weeks — and more in Monday’s stock market recap.
Last week’s Consumer Price Index data showed the largest rise in more than three decades, sending the major indices lower. Coming up this week, we have major retail sales data on Tuesday and housing numbers on Wednesday, including new construction starts and building permits.
Multiple officials from the Federal Reserve are also scheduled to speak the next few days.
Treasury yields are up this morning on fears the Fed may be forced to raise interest rates sooner than expected to combat rampant inflation.
Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 36,100.31
- Futures: 36,151
- Change: +138
S&P 500 (mini)
- Close: 4,682.85
- Futures: 4,694.5
- Change: +16.25%
- Close: 16,299.88
- Futures: 16,261.5
- Change: +66.75
- Close: 2,411.78
- Futures: 2,423.7
- Change: +13.4
Note: Updated as of 8:52 a.m.
Roger’s Radar: American Tower
On my radar this morning is American Tower’s pending purchase of data center management company CoreSite for $10.1 billion. The deal was announced Monday morning.
American Tower Corp. (NYSE: AMT) and CoreSite Realty Corp. (NYSE: COR) today announced that they have entered into a definitive agreement through which American Tower will acquire CoreSite for $170.00 per share in cash. The total consideration for the transaction, including the assumption and/or repayment of CoreSite’s existing debt at closing, is approximately $10.1 billion. The transaction, which was unanimously approved by the boards of directors of both companies, is expected to create a differentiated, comprehensive and interconnected communications real estate platform optimally positioned to benefit from the convergence of wireline and wireless networks amid accelerating global 5G deployments.
In this morning’s stock market recap video, you’ll discover which Fed report carries the most weight this week… what I expect from the bond market in the near term… which two sectors are overbought right now… whether China is impacting the U.S. economy… which two sectors are set to rise once again… and what market internals are telling traders.
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To kick off the week, each Monday video will outline my weekly outlook and any actionable announcements, news or catalysts I’m watching. I’ll also outline exactly which opportunities I expect to unfold in the coming five trading days, so check out this short video for more information!
Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.