Traders work on the floor of the New York Stock Exchange (NYSE) on July 20, 2023 in New York City.
Brendan McDermid | Portal
Stock futures were little changed Sunday evening as investors awaited a slate of economic data for the coming week and earnings from two major technology companies.
Futures linked to the Dow Jones Industrial Average were up 9 points, or 0.01%. S&P 500 futures and Nasdaq 100 futures were up slightly, up 0.02% and 0.07%, respectively.
Shares closed a week down on Friday with a plus. The Dow gained 75.86 points, or 0.22%, to close at 34,576.59, while the S&P gained 0.14%, ending a three-day losing streak and closing at 4,457.49. The Nasdaq Composite gained 0.09% to close at 13,761.53. However, all three indices posted a losing week. It was the first negative week in three weeks for S&P and Nasdaq.
Investors are looking forward to key inflation data next week after a series of stronger-than-expected economic data last week heightened fears that the Federal Reserve could raise interest rates more than previously expected. According to CME Group’s Fed Watch tool, traders expect about a 4 in 10 chance of a rise in November after an expected pause in September.
“Overall, the market will be looking for direction given the recent unrest and concerns that the economy will slow in the coming quarters,” Yung-Yu Ma, chief investment strategist at BMO Wealth Management, told CNBC.
Wednesday and Thursday bring the latest values of the consumer price index and the producer price index. Investors are hoping for low readings, although both are expected to rise due to energy cost pressures.
“Both the CPI and PPI inflation reports will highlight the importance of oil prices, which have approached the upper end of their one-year trading range,” Ma said. “A break above $90 per barrel for WTI would raise concerns about future price pressures in the economy.”
Retail sales data is also expected on Thursday, and the University of Michigan consumer sentiment survey is due out on Friday, which should provide insight into how well spending might hold up for the rest of the year.
Elsewhere, investors also get financial updates from two big tech giants: Oracle on Monday and Adobe on Thursday.
Apple will also hold its product event titled “Wonderlust” on Tuesday, where the company is expected to unveil the iPhone 15.
Apple has had a bad week, falling below its 50-day moving average after reports that China plans to expand its ban on the use of iPhones in government agencies and state-owned companies. This sparked fears among investors that the largest S&P 500 stock could plummet.