U.S. stock futures were unchanged on Monday as investors anticipated a week full of economic data and the Federal Reserve’s most recent remarks regarding jobs.
Futures for the Dow Jones Industrial Average dropped 28 points, or 0.1%. The S&P 500 and Nasdaq 100 were essentially flat with very little change to be reported.
The major averages had a good week, which has traders feeling optimistic. Last week, the Dow industrials increased 1.75%, snapping a four-week losing streak. The Nasdaq finished the week with a 2.58% increase, while the S&P 500 gained 1.90%.
These gains occur despite the benchmark 10-year Treasury note’s yield occasionally rising last week above the psychological 4% level. Consumer borrowing costs increase with an increase in the 10-year yield, and it may also indicate a decline in investor confidence.
According to Sri Kumar of Sri-Kumar Global, “If you’re afraid of a recession, go buy the 10-year Treasury.” on Friday. “Equities are a losing bet right now, and don’t trust [Friday’s] rally until you see the valuations come down significantly.“
Important triggers this week include Fed Chair Jerome Powell’s congressional testimony on Tuesday and Wednesday, who will inform investors and lawmakers on how the central bank is approaching inflation and its rate-hiking campaign moving forward.
Traders are also looking forward to Friday’s release of the February jobs report, which comes after the ground-breaking report from January that showed the economy added 517,000 payrolls. According to economists surveyed by Dow Jones, 225,000 new jobs were added last month.
The most recent factory order data will also be made public on Monday after the bell. In January, economists anticipate a decline of 1.8%, according to consensus forecasts from Dow Jones. This contrasts with a gain of 1.8% in the previous reading.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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