Traders work on the trading floor of the New York Stock Exchange.
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Stock futures were flat on Monday as investors awaited key inflation data for further clues on whether this year’s market rebound can be sustained. Earnings from some major financial giants and consumer companies are also considered.
S&P 500 Index Futures fell slightly, while futures traded with Dow Jones Industrial Average Trading above the flat line. Nasdaq 100 Futures It fell about 0.1%.
this S&P 500 Index It was the fourth positive week in the past five years amid continued optimism that easing inflation and any weakness in the economy later this year could lead to a rate cut from the Federal Reserve.
June consumer price index due out on Thursday could bolster those hopes if the overall data improves slightly as currently expected. Producer price index data will be released on Friday.
Last week’s labor data reflected a slight cooling in the labor market, raising expectations for a rate cut. However, although the U.S. economy added more jobs than expected in June, the unemployment rate also unexpectedly rose, from 4% to 4.1%. Traders now expect two rate cuts in 2024, the first in September, according to the central bank. CME Group FedWatch Tool.
“This (June jobs report) puts upcoming inflation data in the driver’s seat in determining the timing of the first rate cut… Signs of a continued slowdown in economic growth and the labor market could be positive for stocks and high-yield bonds. At least in the short term. Look,” said Greg Wilensky, head of U.S. fixed income at Janus Henderson Investors.
Several major banks, including Citigroup and JPMorganwill kick off the second-quarter earnings season this week. Pepsi and Delta Airlines Results will also be announced.
Stocks are having a strong week, with the S&P 500 and Nasdaq Composite hitting record highs and closing at record closing levels on Friday, with the broad market index notching its 34th record closing high in 2024.rose about 0.5% during the day’s session, while Nasdaq up 0.9% Tesla and Nvidia Stock prices rise. The 30-level Dow Jones Industrial Average rose 0.17%, or 67.87 points, ending the week higher.
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