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Wall Street stocks drift ahead of US inflation data

Economists expect figures to show year-on-year inflation rate jumped to 4.7% in May

Wall Street equities were mixed ahead of US inflation data later in the week that may determine the future direction of central banks’ monetary policies.

The broad-based S&P 500, Wall Street’s dominant equity gauge, closed lower by 0.1 per cent, while the technology-focused Nasdaq Composite index edged up 0.5 per cent.

The Stoxx Europe 600 gained 0.2 per cent to end the session at a high, however, as investors rotated into relatively cheap European equities. The UK’s FTSE 100 climbed 0.1 per cent.

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