Fed will give more direction on monetary policy next week

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Will the Fed give some more direction on monetary policy?

The labor department's report is due at 8:30 a.m. ET, likely will show that the consumer price index dropped 0.4% last month after gaining 0.8% in April, the largest gain since June 2009 as speedy vaccinations helped to re-open economy.

While the Fed has reiterated that the spike in inflation would be transitory, investors fear that a bigger over-expected surge could push the central bank into tightening policy more than said.

The Fed's monetary policy meeting next week will be closely monitored for any signals. The labor market and inflation are two key factors for the Fed to consider tightening, while inflation has risen in recent years, the recent payrolls data were underwhelming.

Investors were also watching for weekly jobless claim data, due at 8:30 a.m. Lesser 500 e-minis were up at 06:36 a.m. 3 points or 0.07%. Dow S&P 500 E-minis were down 35.75 points, or 0.26%, while Nasdaq 100 indexes were up 81 points.

A rally in so-called meme stocks looked likely to continue, with shares of Clover Health - a recent target of retail buyers - increasing 4.5% in premarket trading.

The stock that is most closely related to the Australian buying frenzy this year was 6.0% after it named the head of Amazon's stores as its CEO and reported quarterly results that were stronger than expected.

Boeing rose 1.1% after sources told Reuters United Airlines was in talks to place a multi-billion dollar order for single jets potentially split between Boeing and Europe's Airbus.

The focus was also on a major infrastructure bill in the Senate, talks over which hit a deadlock in the Senate. When we talk about how accurate our current statement is, we explain why we don't just mean there's a problem.

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