Stock futures are flat after the S&P 500 breaks a 5-week winning streak

A trader is working on the floor of the New York Stock Exchange (NYSE) on November 8, 2021.

Brendan McDermid | Reuters

US stock futures were stable overnight on Sunday as investors prepared to start the week after the S&P 500 broke a five-week winning streak.

Dow futures rose around 40 points. S&P 500 futures rose 0.1[ads1]4% and Nasdaq 100 futures rose 0.14%.

Shares come from a losing week after last month’s consumer price index made its biggest annual increase in more than three decades. The big averages took a five-week winning streak.

The October CPI jumped 6.2% from a year ago, well above the estimate of 5.9% from economists asked by the Dow Jones. The index, which follows a basket of consumer products, increased 0.9% on a monthly basis, also warmer than expected.

The Dow Jones Industrial Average fell 0.6% and the S&P 500 fell 0.3% last week. The technology-focused Nasdaq Composite was the main underperformer, falling 0.7% as rising bond yields failed the growth pockets of the market.

Treasury interest rates rose, as investors bet that the Federal Reserve may be forced to raise interest rates faster than expected to fight inflation.

Also booming emotions was a report that workers left their jobs in record numbers in September, with 4.43 million people quitting, the Ministry of Labor reported on Friday. The emigration occurred when the United States had 10.44 million vacancies that month, according to the report.

Nevertheless, the large averages are not far from the record highs. The Dow is 1.3% off its record. The S&P 500 and Nasdaq are 0.8% and 1.2% away from their records, respectively.

Investors will be focused on Tuesday’s sales report and several major dealers’ earnings this week. Walmart and Home Depot publish results on Tuesday, and Target and Lowe’s report on Wednesday.

On Monday, President Joe Biden will host a bipartisan signing ceremony for the law on infrastructure investment and jobs.

Source link

Back to top button