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Stock futures inch higher after S&P, Nasdaq fall to start the week
U.S. stock index futures were just above the flatline in morning trading Tuesday as the market awaits key inflation data later this week.
Futures contracts tied to the Dow Jones Industrial Average were up 45 points, or 0.13%. S&P 500 and Nasdaq 100 futures were little changed.
During trading on Monday the S&P 500 slid 0.37%, while the Nasdaq Composite shed 0.58%. Both traded higher earlier in the day, before reversing course during the final hour of trading. Each index managed to close above its worst level of the session, however.
The Dow Jones Industrial finished Monday’s trading session just 1 point higher. At one point the 30-stock benchmark had added 235 points. At the lows of the day, the Dow declined by about 95 points.
“U.S. stocks will struggle for direction until the latest inflation tilts market’s expectations as to how aggressive the Fed will tighten into what is still deemed as an overvalued stock market,” said Oanda’s Edward Moya.
On Thursday the Labor Department will release January’s consumer price index data. The reading follows a stronger-than-expected January jobs report, which has led to speculation that the Federal Reserve could be more aggressive when it comes to hiking rates. The inflation data is expected to show that prices rose 0.4% in January, for a 7.2% gain from one year ago.
Bank of America said Monday that the Federal Reserve could implement seven quarter-percentage-point rate hikes this year.
“The tumultuous market action continues as the combination of Fed policy uncertainty and economic transition remains in focus,” Canaccord Genuity said Monday in a note to clients.
“Unfortunately, this is the environment we are going to be in for a while as the monetary and economic mid-cycle transition unfolds.”
Meta says it may shut down Facebook and Instagram in Europe over data-sharing dispute
Meta has said it is considering shutting down Facebook and Instagram in Europe if it can’t keep transferring user data back to the U.S.
The social media giant issued the warning in its annual report last Thursday.
Regulators in Europe are currently drawing up new legislation that will dictate how EU citizens’ user data gets transferred across the Atlantic.
Facebook said: “If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs (standard contractual clauses) or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe.”
The company added this “would materially and adversely affect our business, financial condition, and results of operations.”
“Meta cannot just blackmail the EU into giving up its data protection standards,” European lawmaker Axel Voss said via Twitter, adding that “leaving the EU would be their loss.”
A Meta spokesperson told CNBC on Monday that the company has no desire and no plans to withdraw from Europe, adding it has raised the same concerns in previous filings.
“But the simple reality is that Meta, and many other businesses, organizations and services, rely on data transfers between the EU and the U.S. in order to operate global services,” they said.
The European Commission did not immediately respond to a CNBC request for comment.
In August 2020, Ireland’s Protection Commission sent Facebook a preliminary order to stop transferring user data from the EU to the U.S., according to a report from The Wall Street Journal that cited sources familiar with the matter.
Voss has previously written some of the
“The Irish Data Protection Commission has commenced an inquiry into Facebook controlled EU-US data transfers, and has suggested that SCCs cannot in practice be used for EU-US data transfers,” Nick Clegg, Facebook’s vice president of global affairs and communications, said in a blog post at the time.
“While this approach is subject to further process, if followed, it could have a far-reaching effect on businesses that rely on SCCs and on the online services many people and businesses rely on,” he added.
Ireland’s Data Protection Commission is expected to issue a final decision in the first half of 2022.
If SCCs can’t be used as the legal basis for transferring data, Facebook would have to silo off the majority of the data it collects on European users. The DPC could fine Facebook up to 4% of its annual revenue, or $2.8 billion if it failed to comply.
EU’s data protection legislation.