January 30, 2023

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Stock futures have not changed much as traders look forward to more economic data

Stock futures have not changed much as traders look forward to more economic data

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, September 6, 2022.

Brendan McDiarmid | Reuters

US stock futures were little changed Sunday night as investors await more economic data ahead of the Federal Reserve’s monetary policy meeting in December.

Dow Jones Industrial Average futures fell 35 points, or 0.1%. S&P 500 and Nasdaq 100 futures fell 0.15% and 0.12%, respectively.

On Friday, the major averages closed little changed after rebounding from earlier losses. The Dow Jones Industrial Average added nearly 35 points, or up 0.1%. The S&P 500 fell 0.1%, while the Nasdaq Composite fell 0.2%. The three indicators achieved their second positive week in a row.

The strong November jobs report released on Friday initially weighed on stocks, but traders brushed off those concerns in anticipation. Raising interest rates from the Federal Reserve It might start with a policy meeting on December 13-14. Investors are anticipating a potentially stimuli-light week ahead of that meeting.

“One of the things we are concerned about is that even if inflation does come down from here, the cost of going from, say, 4% to 2% inflation becomes increasingly high. And it will probably come with some big jolts in between. Bird’s Nicholas Bonsack said in a note on Friday.

“Ultimately, we think they’re going to slow the pace at which they raise interest rates, and then take a little longer to watch the landscape and the impact that might have,” Bonsack added.

On the economic front, investors are expecting ISM Services data for November at 10 a.m. ET on Monday. Economists polled by Dow Jones expect a reading of 53.7.

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