Traders
work
on
the
floor
of
the
New
York
Stock
Exchange.
Michael
M.
Santiago
|
Getty
Images
Stock
futures
edged
lower
Sunday
night
as
investors await
key
inflation
data
for
further
clues
on
the
longevity
of
this
year’s
market
rally.
Earnings
from
some
major
financial
giants
and
consumer
companies
are
also
on
the
docket.
S&P
futures
were
down
more
than
0.1%,
while
futures
tied
to
the
Dow
Jones
Industrial
Average
lost
51
points,
or
0.1%.
Nasdaq
100
futures
dipped
about
0.1%.
The
S&P
500
has
rallied
about
16.7%
this
year,
and
the
benchmark
index
just
had
its
fourth
positive
week
in
the
last
five
amid
ongoing
optimism
that
an
improving
inflation
backdrop
—
and
any
pockets
of
weakness
in
the
economy
later
this
year
—
could
lead
to
a
Federal
Reserve
interest
rate
cut.
The
June
consumer
price
index,
which
will
be
released
Thursday,
could
bolster
those
hopes
if
the
headline
number
shows
a
slight
improvement,
as
currently
expected.
Producer
price
index
data
will
be
released
Friday.
Last
week,
labor
data
reflected
a
slightly
cooling
labor
market,
spurring
expectations
of
a
rate
cut.
But
although
the
U.S.
economy
added
more
jobs
in
June
than
anticipated,
there
was
also
an
unexpected
rise
in
the
unemployment
rate,
to
4.1%
from
4%.
Traders
are
currently
expecting
two
interest
rate
cuts
in
2024,
with
the
first
in
September,
according
to
the CME
FedWatch
Tool.
“This
[June
jobs
report]
keeps
the
upcoming
inflation
data
in
the
driver’s
seat
for
determining
the
timing
of
the
first
cut…signs
of
continued
moderation
of
economic
growth
and
the
labor
market
will
likely
be a
positive
for equities
and
high
yield
bonds
in,
at
least,
the
short
run,” Greg
Wilensky,
head
of
U.S.
fixed
income
at
Janus
Henderson
Investors,
said.
A
slew
of
major
banks,
including
Citigroup
and
JPMorgan
Chase,
will
kick
off
second-quarter
earnings
season
this
week.
PepsiCo
and
Delta
Air
Lines
are
also
set
to
post
results.
Stocks
are
coming
off
of
a
strong
week,
as
the
S&P
500
and
Nasdaq
Composite
reached
all-time
highs
on
Friday
and
ended
at
record
closing
levels,
with
the
broad-market
index
notching
its
34th
record
close
in
2024.
The
S&P
500
jumped
about
0.5%
during
the
day’s
session,
while
the
Nasdaq
advanced
0.9%
as
Tesla
and
Nvidia
shares
jumped.
The
30-stock
Dow
added
0.17%,
or
67.87
points,
to
end
the
week
in
the
green
as
well.
