Stock Futures Stable as Global Investors Await Key Economic Indicators
Global stock futures drifted lower on Sunday evening as investors geared up for a slew of critical economic data releases, including key inflation and retail sales figures. It follows a tumultuous trading week in which last week’s sharp market sell-off was almost entirely erased.
Market Overview
Futures tied to major indices indicate small declines.
- Dow Jones Industrial Average futures declined 48 points, or 0.1%.
- S&P 500 futures fell 0.08%.
- The Nasdaq 100 futures moved lower by 0.05%.
All of the major indices moved higher last week, but none of them could recover the losses of prior weeks. The Dow ended the week down 0.6%, while the S&P 500 was nearly flat, down just 0.04%. Nasdaq Composite lost 0.18%.
Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, says, “Market volatility may persist as investors grapple with recession fears, despite no concrete crisis emerging. Positive economic data could trigger further relief rallies, especially in rate-sensitive sectors.”
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Key Economic Data Ahead
Investors are eyeing this week’s economic indicators for an idea about the health of the global economy. Some of the key reports include:
- Tuesday: Producer Price Index.
- Wednesday: Consumer Price Index.
- Thursday: Retail sales data.
Cox indicated that another round of hot inflation data might allay concerns over the Federal Reserve’s monetary policy approach. “The market’s recent sell-off could be reassessed based on upcoming data” she added.
Corporate Earnings in Focus
- Home Depot to release earnings on Tuesday.
- Walmart to report on Thursday.
____Bank of America CEO “Brian Moynihan” warned that prolonged high interest rates can dent consumer sentiment. He stated that “Consumer spending growth has slowed, and a rate cut might be necessary to prevent further decline”
Cryptocurrency Update
Cryptocurrency markets struggled for stability over the weekend. Bitcoin, which had recently managed to scale above the $60,000 level, lost 4% to $58,329. Ether slipped to $2,543.03, a decline of 2%.
The explanation for this current consolidation of bitcoin prices seems to be part of a long overdue adjustment after periods of extreme volatility, amidst the greater market trends, according to Steven Lubka of Swan Bitcoin.
