Thursday, September 16, 2021
Home Business Stock futures start month slightly lower after major indexes saw gains in...

Stock futures start month slightly lower after major indexes saw gains in May


Traders on the floor of the New York Stock Exchange.

Source: NYSE

Stock futures are slightly lower in overnight trading after major indexes saw gains in May.

Futures on the Dow Jones Industrial Average fell 35 points, or 0.10%. S&P 500 futures shed 0.09% and Nasdaq 100 futures ticked 0.03% lower.

The moves in overnight trading come after the blue-chip Dow and the S&P 500 gained 1.93% and 0.55% in May, respectively, to mark their fourth consecutive positive month. The S&P 500 closed Friday just 0.8% off its record high.

The small cap Russell 2000 rose 0.11% in May to post its eighth positive month in a row — its longest monthly win streak since 1995.

The Nasdaq gained 2.06% last week to post its best weekly performance since April. However, the tech-heavy composite lost 1.53% in May, breaking a 6-month win streak.

A key inflation gauge — the core personal consumption expenditures index — rose 3.1% in April from a year earlier, faster than the forecasted 2.9% increase. Despite the hotter-than-expected inflation data, treasury yields fell on Friday.

“Overall, given the market’s reaction to [Friday]’s PCE release, investor concerns about inflation may have been exaggerated — or perhaps already priced in,” Chris Hussey, a managing director at Goldman Sachs, said in a note.

“Consensus may be building that the inflation we are seeing today is ‘good’ inflation — the kind of rise in prices that accompanies accelerating growth, not a monetary policy mistake,” Hussey said.

Investors are awaiting the Federal Reserve’s meeting scheduled for June 15-16. Key for the markets is whether the Fed begins to believe that inflation is higher than it expected or that the economy is strengthening enough to progress without so much monetary support. 

May’s employment report, set to be released on Friday, will provide a key reading of the economy. According to Dow Jones, economists expect to see about 674,000 jobs created in May, after the much fewer-than-expected 266,000 jobs added in April.

Zoom Video Communications and Hewlett Packard Enterprise are set to report quarterly earnings results on Tuesday after the bell.

— CNBC’s Patti Domm contributed reporting.



Source link

RELATED ARTICLES

‘Broken Hearts’ Again in Gold as U.S. Retail Sales Trigger Metal’s New Crash By Investing.com

© Reuters. By Barani Krishnan Investing.com - It can’t prosper much on soft inflation; neither can it survive an economy rebounding on strong retail...

Defense expert on aggressive China, U.S.-U.K.-Australia security pact

An increasingly aggressive and assertive China contributed to the formation of a new trilateral security partnership among the U.S., the U.K. and Australia,...

Two-week deadline: Supreme Court slams govt for ‘cherry-picking’ names for tribunal appointments

“We are a democratic country. You have to follow the rule of law,” the CJI said said, while warning the government of initiating...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

‘Broken Hearts’ Again in Gold as U.S. Retail Sales Trigger Metal’s New Crash By Investing.com

© Reuters. By Barani Krishnan Investing.com - It can’t prosper much on soft inflation; neither can it survive an economy rebounding on strong retail...

Defense expert on aggressive China, U.S.-U.K.-Australia security pact

An increasingly aggressive and assertive China contributed to the formation of a new trilateral security partnership among the U.S., the U.K. and Australia,...

Two-week deadline: Supreme Court slams govt for ‘cherry-picking’ names for tribunal appointments

“We are a democratic country. You have to follow the rule of law,” the CJI said said, while warning the government of initiating...

Canadian Pacific clinches $27-billion Kansas City Southern deal as rival bows out By Reuters

© Reuters. FILE PHOTO: A Canadian National Railway train travels westward on a track in Montreal, February 15, 2015. REUTERS/Christinne Muschi/File Photo By Greg...

Recent Comments