U.S. stock futures inch higher as focus pivots from hot inflation to corporate earnings

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Wall Street was off to a quiet start on Thursday, a day after a historic inflation reading prepared traders for a wave of corporate earnings reports.

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On Wednesday, the Dow Jones Industrial Average (DJIA),
+0.11%
S&P 500 SPX, up 38 points or 0.11% at 36290,
+0.28%
rose 13 points, or 0.28%, to 4726, and the Nasdaq Composite comp,
+0.23%
US inflation rose 35 points, or 0.23%, to 15188, at a nearly 40-year high, following a report running at a 7% clip.

what is driving the market
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Peter Garnery, head of equity strategy at Saxo Bank, said the market is expecting a moderation in inflation in 2022. But the dilemma facing traders is how calm the prices will be.

“US equities are now firmly in a trading range, and we believe this will require a significant surprise on earnings (either way) or a breakout in the US 10-year yield TMUBMUSD10Y,
1.750%
To take US stocks out of trading range,” he said.

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Earnings season started on Friday with major banks including JPMorgan Chase JPM.
+0.57%
Due to the result of the report

On the economics front, the latest readings on weekly jobless claims and wholesale inflation are due. Fed Gov. Lyle Brainard will testify as part of the nomination hearing to become the institution’s vice president.

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