The S&P 500 had a record-breaking week, and on Sunday night, U.S. stock futures were trading close to the flatline.
Futures linked to the benchmark 500 stocks were not moving. Futures for the Nasdaq 100 and the Dow Jones Industrial Average both closed within 0.1% of their prior close.
With the tech-heavy Nasdaq Composite gaining 1.25%, the S&P 500 closed over the 5,000 mark for the first time on Friday, rising 0.57%. Conversely, the Dow Jones Industrial Average fell 0.14%, or 54.46 points.
After a sixth consecutive week of advances, all three main indices are currently in the green. The Nasdaq Composite and S&P 500 saw increases of 2.3% and 1.4%, respectively. The Dow increased by a tiny margin.
The S&P 500 is scheduled to release earnings for about sixty-one companies this coming week, including gig economy equities like Lyft, Instacart, and DoorDash. Businesses like Hasbro, Kraft Heinz, AutoNation, and Coca-Cola will also provide insight on the status of American consumers.
“The economy was strong, so most earnings are going to be strong,” stated Jay Hatfield of Infrastructure Capital Advisors, expressing his optimism about the upcoming earnings releases.
The most recent reading of the consumer price index, or CPI, a crucial indicator of inflation, will also be of interest to traders. It is scheduled for release on Tuesday morning. On Thursday and Friday, further important economic statistics, such as January’s readings on retail sales, manufacturing, imports and exports, housing starts, and the producer pricing index, or PPI, are anticipated.
Hatfield told CNBC, “PPI and CPI should print in line, but we’re still bullish.” “We believe that after the market rallies for a week or two, it may stall out while we wait for more inflation data to be released.”
