Stock futures have been little changed Sunday night as traders look ahead to a sequence of key economic experiences and proceed to maintain a shut eye on the Federal Reserve’s deliberate rate of interest hikes.
Futures tied to the Dow Jones Industrial Common inched greater by 14 factors, or 0.03%. S&P 500 futures added 0.06% and Nasdaq 100 futures have been 0.07% greater.
The Dow and S&P rose within the earlier session to shut out their second consecutive profitable week. The Dow gained 153 factors, or 0.4%. The S&P 500 superior 0.5% and has greater than erased its losses since Russia invaded Ukraine in late February. In the meantime, the Nasdaq Composite dipped 0.2% however nonetheless completed the week within the inexperienced.
The strikes got here as traders proceed to observe developments in Russia’s struggle on Ukraine and expectations concerning the Fed’s plans to hike rates of interest.
“It seems the skyrocketing move higher with commodity prices has taken a break and that has allowed investors a chance to pile back into equities,” stated Edward Moya, senior market analyst at Oanda. “Geopolitical risks remain very elevated and the rally in equities over the past two weeks is impressive. The U.S. economy is still in good shape, but buying every stock market dip probably won’t be the attitude for most traders going forward given how hawkish the Fed has turned.”
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Traders proceed to maintain a shut eye on the Fed. Wall Avenue companies from Goldman Sachs to Financial institution of America penciled in half-point hikes in future Fed conferences this 12 months after the central financial institution’s chair Jerome Powell vowed to be robust on inflation and stated fee will increase may grow to be extra aggressive if vital.
On Friday, the benchmark 10-year yield touched a contemporary multi-year excessive of 2.5% as traders priced in a extra aggressive fee hike cycle, which helped raise monetary shares whereas tech shares pulled again.
Traders are trying ahead to the Job Openings and Labor Turnover Survey, or JOLTS, this week. The JOLTS report is one set of employment data that the Federal Reserve is watching intently because it tightens financial coverage. ADP may also launch its personal payrolls data ahead of the primary present, the intently watched month-to-month jobs report, on Friday.
Monday is a gentle day for earnings experiences however a number of big corporations are scheduled to report their quarterly outcomes this week, together with BioNTech, Micron and Walgreens Boots Alliance.