US stock futures were barely changed Monday after the S&P 500 index closed at a historic high, as investors braced for the year’s first crucial inflation data and the next round of earnings reports.
S&P 500 (^GSPC) futures remained unchanged after a record-setting week that saw the benchmark surpass 5,000 for the first time. Futures on the Dow Jones Industrial Average (^DJI) and the tech-heavy Nasdaq 100 (^NDX) were mostly unchanged.
Stocks have risen as the market welcomes a slew of better-than-expected business reports, with large tech companies accounting for the lion’s share. Eyes are on the next set of quarterly results, with John Deere (DE), Coca-Cola (KO), Airbnb (ABNB), and Kraft Heinz (KHC) among headliners on the docket.
However, the surge will have a new test this week, as the January Consumer Price Index report is due on Tuesday. The CPI data will provide investors with their first look at how cool inflation will be in 2024, as well as an update on consumer spending, and will establish expectations for the timing and speed of Federal Reserve interest-rate reduction this year.
Traders have reduced their wagers on a March rate decrease as a slew of warnings from cautious Fed officials echo in their ears. Monday will have more Fedspeak, with regional presidents Michelle Bowman, Tom Barkin, and Neel Kashkari slated to visit.