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Traders work on the floor of the New York Stock Exchange (NYSE) on July 20, 2023 in New York City.
Brendan McDiarmid | Reuters
U.S. stock futures were little changed on Sunday as investors looked forward to the latest reading of the Federal Reserve’s preferred inflation measure and a number of big earnings reports.
Futures tracking the Dow Jones Industrial Average fell 0.05%, while S&P 500 futures and Nasdaq 100 futures fell 0.06% and 0.09%, respectively.
Stocks enter the final week of February on a positive note after major indexes hit new milestones on Friday, marking a winning week helped by blockbuster earnings from Nvidia. The blue-chip Dow Jones Industrial Average closed at an all-time high of $39,131.53, the broad-based S&P index briefly topped $5,100 for the first time, and the tech-heavy Nasdaq Composite Index closed on Friday for the first time in 52 weeks. recorded a high price.
Investors are now watching whether AI’s momentum continues as economic and inflation risks linger. With this in mind, they are also keeping an eye on the Fed’s preferred inflation measure, the Monthly Personal Consumption Expenditures Price Index, to be released on Thursday.
“NVIDIA is the gift that keeps on giving with a blockbuster earnings report last week that lifted the semiconductor, tech, and broader markets.The market is now up more than 20% from its October 2023 lows, and the We expect it to rise further.”At some point there will be a breather,” Stephanie Lang, chief investment officer at Homrich Berg, told CNBC. “If this week’s PCE report beats expectations, it could be a data point that could dampen market enthusiasm.”
“So far, stocks have ignored the Fed’s hawkish tone as the impact of AI gains traction, but the market is counting on the Fed to engineer a soft landing, and if the Fed waits too long, The longer you wait, the more risk there is for a happy ending,” she added. I’m just being patient so I can be confident that the job is done.”
A number of economic announcements are scheduled for Tuesday, including January durable orders statistics and January wholesale inventories on Wednesday.
Corporate earnings are shrinking elsewhere, but investors will gain deeper insight into the current state of technology and consumers as several high-interest stocks release their reports next week. .
This week’s big name in technology is Salesforce. We plan to report on Wednesday. In addition to restaurants and several major retailers, Norwegian Cruises, AMC Entertainment, JM Smucker, Hormel, and Anheuser-His Busch are also located on deck.
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