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Business

Stock futures are little changed as traders look forward to more economic data




A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, September 6, 2022.

Brendan McDermid | Reuters

US stock futures were little changed on Sunday night as investors awaited more economic data ahead of the Federal Reserve’s December policy meeting.

Dow Jones Industrial Average futures fell 57 points, or 0.1[ads1]7%. Futures on the S&P 500 and Nasdaq 100 fell by 0.21% and 0.22% respectively.

On Friday, the major averages closed little changed after recovering from earlier losses. The Dow Jones Industrial Average added about 35 points, or 0.1% higher. The S&P 500 fell 0.1 percent, while the Nasdaq Composite fell 0.2 percent. The three indices achieved their second positive week in a row.

A strong November jobs report released on Friday initially weighed on stocks, but traders shrugged off those worries in anticipation of smaller rate hikes by the Fed, possibly starting with its Dec. 13-14 policy meeting. Investors expect a week that could be light on catalysts before that meeting.

“One of the things we’re worried about is that even if inflation comes down from here, the cost of going from, say, a 4% inflation rate to 2% is going to be increasingly higher. It’s likely to come with a significant shake-up among businesses and the labor market,” Baird’s Nicholas Bohnsack said in a Friday note.

“Ultimately, we think they will slow down the pace at which they raise rates and then take a long time to observe the landscape and the impact it might have,” Bohnsack added.

On the economic front, investors await November ISM services data at 10 a.m. ET on Monday. Economists polled by Dow Jones expect a reading of 53.7.



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