Premarket: Apple is red

From the Wall Street Journal’s "Stock Futures Edge Up Ahead of Labor Costs, Earnings" posted early Tuesday:

Indexes have settled into an August lull as investors await consumer-price data on Wednesday which could set expectations for how the Federal Reserve will approach monetary policy at its coming meetings. In recent weeks, better-than-expected corporate earnings and strong labor market data have dispelled concerns about an imminent U.S. recession, helping stock markets rebound from their lows.

That has lifted hopes that the Fed may temper its aggressive cycle of interest-rate rises. But with inflation running at a multidecade high, investors say Wednesday’s consumer-price index update will be key to the outlook for rates and the direction of the market.

“Corporate earnings are holding up OK and consumers are still spending, that is the bottom line,” said Brian O’Reilly, head of market strategy at Mediolanum International Funds. Recent economic data “takes any talk of an immediate recession off the table for now,” he added.

Charts: Yahoo!Finance sees a bearish relative-strength-index (RSI). Max pain moves up $2.50 to $165 with the same call mountain at $170 and a put peak that jumped $15 to $165.

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