Traders
on
the
floor
of
the
New
York
Stock
Exchange
on
Aug.
4,
2022.
Source:
NYSE
Stock
futures
were
flat
in
overnight
trading
Sunday
as
the
market
is
set
to
enter
the
last
week
of
June
and
2024’s
first
half
near
record
highs.
Futures
on
the
Dow
Jones
Industrial
Average
and
S&P
500
futures
were
both
little
changed.
Nasdaq
100
futures
inched
up
0.2%.
The
S&P
500
scored
an
intraday
record
of
5,505.53
on
Thursday
and
posted
another
winning
week.
The
equity
benchmark
gained
0.6%
last
week,
notching
its
eighth
positive
week
in
nine.
However,
signs
of
exhaustion
have
started
to
emerge
recently
particularly
with
market
heavyweight
Nvidia‘s
back-to-back
sell-off.
The
red-hot
chipmaker
fell
4%
last
week
after
two
consecutive
declines
of
more
than
3%.
The
pullback
occurred
after
Nvidia
briefly
dethroned
Microsoft
as
the
most
valuable
company
in
the
U.S.
Chart
analysts
also
pointed
to
bearish
patterns
in
Nvidia’s
recent
trading.
“The
extreme
price
performance
may
face
some
speed
bumps
going
forward —
not
an
indictment
of
the
fundamentals
of
this
AI
behemoth,
but
more
caution
around
how
far
the
stock
has
moved,
and
how
quickly,”
Katie
Nixon,
CIO
at
Northern
Trust
Wealth
Management,
said
of
Nvidia.
Still,
the
enthusiasm
surrounding
artificial
intelligence
has
lifted
the
market
significantly
this
year
even
as
investors
grappled
with
shifting
expectations
for
rate
cuts
and
a
slowing
economy.
The
S&P
500
has
advanced
almost
15%
this
year
after
notching
31
record
closes.
Investors
will
closely
monitor
May’s
personal
consumption
expenditure
data,
the
Federal
Reserve’s
preferred
inflation
gauge, which
is
set
to
be
released
Friday
morning.
There
are
also
a
number
of
key
companies
earnings
this
week,
including
FedEx,
Micron,
Walgreens
Boots
Alliance
and
Nike.
