A trader works on the floor of the New York Stock Exchange (NYSE) on September 6, 2022 in New York City.
Brendan McDermid | Portal
US stock futures were little changed on Sunday night as investors await more economic data ahead of the Federal Reserve’s December policy meeting.
Dow Jones Industrial Average futures fell 57 points, or 0.17%. S&P 500 and Nasdaq 100 futures fell 0.21% and 0.22%, respectively.
On Friday, the major moving averages closed little changed after recovering from earlier losses. The Dow Jones Industrial Average gained about 35 points, or 0.1% higher. The S&P 500 fell 0.1%, while the Nasdaq Composite fell 0.2%. The three indices posted their second positive week in a row.
A strong November jobs report released on Friday initially weighed on stocks, but traders shrugged off those concerns in anticipation of smaller rate hikes from the Fed, potentially starting with the December 13-14 monetary policy meeting. Investors are anticipating a week ahead of this meeting that could be short of catalysts.
“One of the things we worry about is that even if inflation starts to go down from here, the cost of going from say 4% inflation to 2% is going to get higher and higher. This would likely be accompanied by a significant cleanup for businesses and the labor market,” Baird’s Nicholas Bohnsack said in a statement on Friday.
“Ultimately, we think they will slow the pace at which they raise rates and then take a long time to observe the landscape and the potential impact,” Bohnsack added.
On the economic front, investors are looking forward to November’s ISM services data at 10:00 am ET on Monday. Economists polled by the Dow Jones expect a value of 53.7.