U.S. stock futures along with oil prices rose on Tuesday morning as investors awaited the release of key economic data. The JOLTS job openings survey and factory orders data were both set to be released during the course of the day.
Contracts on the S&P 500 were up 0.4% on Tuesday, while those on the Dow Jones Industrial Average edged 0.2% higher. Futures listed on the Nasdaq Composite Index were up 0.4% as well.
Oil was also on the rise, with the U.S. benchmark West Texas Intermediate moving 0.4% higher to $81 per barrel. This came after OPEC+ announced that it would reduce oil output by 1.16 million barrels per day.
Federal Reserve Bank of St. Louis President James Bullard stated that the continued strength of the labor market gives the Federal Reserve more room to fight inflation, however, the recent rise in oil prices has made the Fed’s bid to reduce inflation more challenging.
Federal Reserve Governor Lisa Cook pointed out the continued tightness of the labor market, explaining: “We are still going to see inflation from that, but we’ve seen wage gains moderating quite a bit.”