Traders on the floor of the NYSE
S&P 500 futures were little changed Sunday night as traders looked ahead to the latest inflation data and the Federal Reserve policy meeting this week.
S&P 500 futures added 0.14%. Dow Jones Industrial Average futures rose by 19 points, or 0.06%, while Nasdaq 100 futures advanced 0.27%.
Investors are coming off a positive week for markets, with the S&P 500 posting its fourth straight week of gains, and brushing its highest point since August. On Friday, the broader market index added 0.11%, closing at 4,298.86. The Dow industrials rose 43.17 points, or 0.13%. The Nasdaq Composite climbed 0.16%.
Many investors point to the lack of participation outside of some mega-cap tech stocks as a reason to distrust the recent stock market rally. However, signs of easing inflation have some investors hoping the momentum can continue.
“I think [this week] is almost one of these big comeuppance moments because if the Fed essentially acknowledges that there’s been progress on inflation, we have a June pause and maybe even a July pause, I think it’s going to be a green light for some of those groups to finally get a bid,” Fundstrat’s Tom Lee said Friday on CNBC’s “Closing Bell.”
According to the CME FedWatch Tool, the likelihood that the Fed will pause rate hikes in its June meeting currently stands at about 70%.
Investors will also be watching for Tuesday’s consumer price index, as well as monitoring the Federal Open Market Committee meeting.
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