US pre-open: Stocks seen higher as inflation worries recede

US stocks looked set to rise at the open on Monday as worries about inflation receded - at least for now.

At 1230 BST, Dow Jones Industrial Average futures were up 0.4%, while S&P 500 and Nasdaq futures were 0.5% and 0.6% firmer, respectively.

ING said: "Global equity markets are putting in a little run of gains. The positive story seems to be that Fed Chair Powell's admission last week of the risk of recession means that global monetary tightening may not be as sharp as expected - and that's good news for equities.

"Quarter-end and half-year-end rebalancing may help equities and soften the dollar this week."

On the macroeconomic front, durable goods orders for May are due at 1330 BST, while pending home sales data for May is due at 1500 BST.

On the corporate front, meanwhile, Spirit Airlines was likely to be in focus after Frontier Airlines sweetened its offer for the company by $2.00 to $4.13 in cash, in addition to 1.9126 shares per share.

Nike was also expected to be in the spotlight as it’s due to report fourth-quarter earnings after the close.

Elsewhere, Coinbase was sharply lower in pre-market trade after Goldman Sachs reportedly cut its rating on the shares to ‘sell’ from ‘buy’.