Traders on the NYSE floor, April 5, 2022.
Source: New York SE
Stock futures edged higher Sunday night as Wall Street appears to shake off a losing week.
Futures linked to the Dow Jones Industrial Average gained 36 points, or 0.1%. Those for the S&P 500 and Nasdaq 100 rose 0.1% and 0.2%, respectively.
Wall Street has had a negative week, with the technology sector giving cause for concern. The tech-heavy Nasdaq Composite fell 3.9% last week, while the S&P 500 and Dow lost 1.3% and 0.3%, respectively.
Healthcare was a bright spot, gaining more than 3%.
The fight against inflation is likely to be a market driver this week. Investors will be eyeing new data, with the March consumer price index due on Tuesday and the producer price index on Wednesday.
Cleveland Fed President Loretta Meester said on CBS’s Face the Nation Sunday that she still believes the Fed can control inflation without causing major damage to the economy.
“If you look at the risks, given what is happening in the world and in the economy, there is an increased risk [of recession]she said. “But I remain optimistic, and certainly my modal forecast for what will happen this year is that the expansion will continue.”
Meester added that the Covid lockdowns in China will “exacerbate” the supply chain problems that are contributing to US inflation
Investors will also keep an eye on developments in Ukraine. Russia’s invasion of the country has caused volatility in oil and other commodity markets, which in turn has disrupted stock prices.
First quarter earnings season will peak later this week, with JPMorgan Chase and Delta set to report earnings on Wednesday morning.