Futures rise before inflation data, crypto stocks up after ETF approval

The benchmark S&P 500 has recovered nearly 17% from its October lows, gaining steam in December after the Federal Reserve hinted it was reining in inflation and rate cuts were "coming into view". Market attention is focused on the December Consumer Price Index (CPI) report, due at 8:30 a.m. ET, which could help traders assess the timing of the Fed's monetary policy easing. While consumer prices have edged lower in the face of the central bank's fastest tightening spree in years, economists polled by Reuters expect headline CPI to tick up to 3.2% in December – well above the Fed's 2% target.