Traders work on the floor of the New York Stock exchange during morning trading on May 17, 2024.
Michael M. Santiago | Getty Images
U.S. stock futures were little changed Monday night after the S&P 500 and Nasdaq Composite closed at fresh record highs.
Dow Jones Industrial Average futures rose 13 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures climbed 0.03% and 0.07%, respectively.
The S&P 500 and Nasdaq Composite closed Monday’s trading session at all-time highs again, each rising slightly as investors awaited key inflation data and earnings results due out later this week. The broad market index closed up 0.1%, while the tech-heavy Nasdaq gained 0.3%. Meanwhile, the Dow Jones Industrial Average was the laggard, closing down 31 points, or 0.1%.
The S&P 500 continued its advance as easing pricing pressures, and slowing growth, have investors increasingly optimistic the Federal Reserve will soon start to ease up on monetary policy. But others, who are concerned a correction is on the horizon, are urging investors to broaden their exposure.
“You really want to stay broadly diversified,” Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC’s “Closing Bell” on Monday. “I don’t think that the momentum trade here is ending, especially in the short term, but when it changes, it’s going to change fast. And when you’re looking at valuations, there’s a lot of opportunities here.”
Wall Street is bracing for a stacked week of economic data, Fed speakers and earnings results. On Tuesday, Fed Chair Jerome Powell is set to start his two-day semiannual monetary policy update to Congress. Investors will parse through his remarks for clues into his stance on inflation and the economy.
Key inflation data is due out later this week with the June consumer price index on Thursday, as well as the producer price index on Friday.
On the earnings front, PepsiCo and Delta Air Lines are set to post results on Thursday. Bank earnings results from Citigroup and JPMorgan Chase are due out Friday.
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