Stocks mixed ahead of consumer sentiment data

Should investors worry ‘stagflation’ is coming back?

Stifel chief economist Lindsey Piegza and Advisors Capital Management partner JoAnne Feeney provide insight into today’s economic and market trends and the potential impact of inflation and higher taxes. 

U.S. stock futures were mixed Friday as investors awaited the latest data on consumer sentiment.

Dow Jones Industrial Average futures fell 49 points, or 0.14%, while S&P 500 futures ticked up 0.15% and Nasdaq 100 futures slid 0.23%. 

The preliminary reading of the University of Michigan consumer sentiment index for September is due out at 10 a.m. ET with analysts expecting a slight increase to 72. 

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Stocks are expected to see heightened volatility on Friday as it is a quadruple witching day, or when stock index futures, stock index options, stock options and single stock futures expire simultaneously. 

Invesco Plc is in talks to merge with State Street Corp.’s asset management business, The Wall Street Journal reported, citing people familiar with the matter. 

Electric-car maker Lucid Group Inc. shares were sharply higher for a second day after the U.S. Environmental Protection Agency said one of its cars had a 520-mile range, the longest of any car inspected by the agency. 

Elsewhere, Newell Brands Inc. reported earnings and revenue that exceeded Wall Street estimates and raised its full-year sales guidance. 

Diamondback Energy Inc.’s board of directors approved a share buyback plan of up to $2 billion. 

In commodities, West Texas Intermediate crude oil fell 39 cents to $72.22 a barrel and gold rose $5.30 to $1,762 an ounce.

Overseas markets were mixed.

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European bourses were all lower with Britain’s FTSE 100, France’s CAC 30 and Germany’s DAX 40 all declining between 0.2% and 0.3%. 

In Asia, Hong Kong’s Hang Seng index surged 1.03%, Japan’s Nikkei 225 added 0.58% and China’s Shanghai Composite edged up 0.19%. 

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