Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
(NYSE)
in
New
York
City,
July
20,
2023.
Brendan
McDermid
|
Reuters
U.S.
equity
futures
were
little
changed
on
Sunday
as
investors
looked
forward
to
the
latest
reading
of
the
Federal
Reserve’s
preferred
inflation
reading
as
well
as
a
slew
of
big
earnings
reports.
Futures
tied
to
the
Dow
Jones
Industrial
Average
were
down
by
0.04%,
while
S&P
500
futures
and
Nasdaq
100
futures
ticked
lower
by
0.04%
and
0.05%,
respectively.
Stocks
are
heading
into
the
final
week
of
February
on
a
high
note
after
the
major
indexes
achieved
new
milestones
on
Friday
and
registered
winning
weeks
with
help
from
Nvidia’s
blockbuster
earnings.
The
blue-chip
Dow
closed
at
an
all-time
high
of
39,131.53,
the
broad-market
S&P
at
one
point
in
the
session
broke
above
5,100
for
the
first
time
and
the
tech-heavy
Nasdaq
Composite
touched
a
52-week
high
in
Friday’s
session.
Investors
are
now
watching
whether
the
AI
momentum
can
last
as
economic
and
inflation
risks
linger.
With
that
in
mind,
they’re
also
looking
ahead
to
the
monthly
personal
consumption
expenditures
price
index,
the
Fed’s
favored
inflation
gauge
due
out
Thursday.
“Nvidia
has
been
the
gift
that
keeps
on
giving
with
blockbuster
earnings
reports
driving
semis,
tech,
and
the
broader
market
higher
this
past
week. With
the
market
now
up
over
20%
since
its
Oct
2023
low,
we
would
expect
the
market
to
take
a
breather
at
some
point,”
Stephanie
Lang,
chief
investment
officer
at
Homrich
Berg,
told
CNBC.
“A
hotter
than
expected
PCE
report
this
week
could
be
a
data
point
that
could
dampen
the
market
enthusiasm.”
“So
far
stocks
have
shrugged
off
the
hawkish
tone
of
the
Fed
as
the
AI
halo
has
taken
center
stage,
but
the
market
is
banking
on
the
Fed’s
orchestration
of
a
soft
landing
and
the
longer
the
Fed
waits
the
more
risk
there
is
to
that
happy
ending,”
she
added.
“Still
the
Fed
is
well
aware
that
they
want
to
avoid
a
repeat
of
a
stop-and-go
tightening
of
interest
rates
in
the
1970s
when
they
failed
to
control
inflation
so
they
remain
patient
to
make
sure
they
are
confident
their
job
is
done.”
There’s
a
raft
of
economic
releases
on
deck,
including
January
durable
orders
data
on
Tuesday
and
January
wholesale
inventories
on
Wednesday.
Elsewhere,
corporate
earnings
are
winding
down
but
several
high-interest
names
are
reporting
in
the
coming
week
which
could
give
investors
greater
insight
into
the
state
of
tech
and
the
consumer.
Salesforce
is
the
big
name
in
tech
this
week;
it’s
due
to
report
on
Wednesday.
Restaurants
and
several
major
retailers
are
also
on
deck,
along
with
Norwegian
Cruise,
AMC
Entertainment,
J.M.
Smucker,
Hormel
and
Anheuser-Busch.
