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Stock futures are flat to start the week
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 1, 2023 in New York City.
Michael M. Santiago | Getty Images
US stock futures were flat on Sunday night.
Futures contracts linked to the Dow Jones Industrial Average added 20 points, while S&P500 And Nasdaq-100 futures gained about 0.04% each.
Over the weekend, billionaire investor Warren Buffett commented on a host of topics, including the latest banking crisis that rocked Wall Street, Berkshire Hathawayat the annual meeting in Omaha, Nebraska. The conglomerate’s latest results showed operating profit rose 12% in the first quarter, while its cash reserve topped $130 billion.
Despite recent fears, Buffett said deposits should be safe in the banking sector, while noting that commercial real estate is starting to take a hit from rising borrowing costs. Even with its more than 20% stake in western oilBuffett also indicated that Berkshire has no plans to take over the oil giant.
Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 record their worst weekly periods since March. The losses came despite a weekend rally that saw volatile regional bank stocks jump from their lows.
THE Dow Friday added more than 546 points, while the S&P500 And Nasdaq Compound jumped 1.85% and 2.25% respectively. The gains came even after a stronger than expected April jobs report.
On the inflation front, investors’ attention this week turns to the April consumer price index due out on Wednesday, followed by the producer price index on Thursday.
Both reports “could help analysts decipher the direction of the most stubborn crevices in the economy where inflation remains sticky,” said Quincy Krosby, chief global strategist at LPL Financial.
Following the Federal Reserve’s rate decision last week, traders are pricing in just a 9% chance of a hike at the central bank’s next policy meeting, according to CME’s FedWatch tooI.
“Financial markets are hoping it will continue to stay subdued, but only if inflation cooperates,” Krosby said.
This week marks another busy revenue period, with the results of disney, PayPalWestern Petroleum and Tapestry on the bridge.
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