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Stock futures were little changed Sunday as Wall Street expected new inflation data this week.
Futures contracts linked to S&P500 fell 0.1%, while Nasdaq 100 Futures hovered near the flat line. Dow Jones Industrial Average Futures slipped 37 points, or 0.09%. The 30-stock Dow just came off its eighth consecutive winning session on Friday as well as its best week of the year.
Investors will be looking for information on the Federal Reserve's monetary policy going forward with the April Consumer Price Index report, which is due out Wednesday. Traders hope a return to rate hikes is largely off the table for the Fed, despite a string of higher-than-expected inflation numbers in recent months. April's CPI figures will serve as key gauge whether or not stocks can remain on stable footing after a stronger-than-expected first-quarter earnings season.
Results So Far Have Helped Stocks Hold Upresilientdespite excess inflation. 92% of S&P 500 companies reported earnings Friday, and 80% of them beat Wall Street forecasts, according to FactSet data.
“Earnings estimates may have become too pessimistic ahead of 1Q24 results, and widespread increases and increases throughout the reporting season appear to have catalyzed a turnaround in sentiment,” the Barclays analyst wrote on Friday, Came Krishna.
Stocks face key inflection point this week with April inflation data
Wednesday's Consumer Price Index report will provide much-needed insight into where the Federal Reserve will take monetary policy from here.
Inflation has risen in recent months and has raised fears that price pressures will build steadily again. Central Bank Chairman Jerome Powell said last month that the Fed's next move likely would not be a rate hike and reiterated a data-dependent approach. This sentiment has helped stocks which have found a stable footing thanks to a strong first quarter earnings season.
Nonetheless, Wednesday's CPI will give investors a real test of whether rate hikes are truly off the table or not.
CNBC Pro subscribers can learn more here.
Brian Evans
Stock futures little changed
Stock futures were little changed Sunday as investors turned their attention to new inflation data this week.
Futures contracts linked to S&P500 fell 0.09%, while Nasdaq 100 Futures hovered near the flat line. Dow Jones Industrial Average Futures slipped 37 points, or 0.09%.
Brian Evans
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