US stock futures remained steady in evening trading on Sunday, as investors awaited more insights on inflation and the Federal Reserve’s upcoming announcements.
S&P 500 Futures were unchanged at 5,291.50 points, with Nasdaq 100 Futures flat at 18,572.75 points, and Dow Jones Futures down 0.1% to 39,835.00 points by 19:29 ET.
After reaching record highs last week following the Fed’s indication of multiple interest rate cuts in 2024, the market has shown signs of cooling off. Analysts suggest a period of consolidation as traders secure profits from the rally witnessed earlier in the year.
On Friday, the S&P 500 declined by 0.1% to 5,234.18 points, while the NASDAQ Composite rose by 0.2% to 16,428.82 points due to strong performance by NVIDIA Corporation. The Dow Jones Industrial Average experienced a slight drop of 0.8% to close at 39,475.90 points.
Despite these minor setbacks, the market still remains close to its all-time highs, with gains of 4% to 10% in the first quarter of 2024. However, quarter-end repositioning could lead to some weakness in the market.
Investors are closely monitoring inflation data, especially the Personal Consumption Expenditures data scheduled for release this Friday. The Federal Reserve has emphasized that inflation will impact the trajectory of interest rate adjustments, which has put the market on edge.
Furthermore, a series of Fed officials are expected to deliver speeches throughout the week, including discussions from rate-setting committee members Raphael Bostic and Mary Daly.
Fed Chair Jerome Powell is also set to speak, following his recent dovish tone at the last Fed meeting. Investors are keenly watching for any updates on the Fed’s stance on inflation and potential rate cuts in the future.
