Stock futures fell on Sunday evening as Wall Street attempted to expand on the equity market’s four-week winning streak.
Futures for the Dow Jones Industrial Average descended 38 points, or 0.1%. Futures for the S&P 500 and Nasdaq 100 each tumbled 0.2%.
Wall Street is coming off its fourth consecutive winning week, with all three major indexes up since the 10-year Treasury yield receded from the 5% level it briefly breached in late October.
The rally has arrived in spite of warnings from some US merchants that consumer spending is decreasing. Traders will be awaiting updates regarding the beginning of the holiday shopping season after Black Friday.
Weak expenditure figures may indicate that the Federal Reserve’s rate hikes are now weighing on the broader economy.
“The New York Fed’s latest household survey shows that a record-high share of consumers are saying that it is much harder to obtain credit… This is what the textbook would have predicted. When the Fed raises interest rates it becomes more difficult for consumers to borrow,” Torsten Slok, Apollo Global Management chief economist, wrote in a note to clients on Sunday.
The upcoming week will be hectic for economic indicators and Fed commentary. On Monday, new home sales and the Dallas Fed Manufacturing Survey will be released. Consumer confidence and inflation figures will be released later this week.
