Dow futures slip 0.1%, inflation data, major bank earnings ahead
Investing.com — US stock futures showed mixed movement on Sunday night following the first week of 2024, which saw the major averages decline. Traders are now turning their attention to the upcoming inflation data and significant bank earnings set to be released later in the week.
By 6:20 pm ET (11:20 pm GMT) Dow Jones Futures were 0.1% lower, while S&P 500 Futures and Nasdaq 100 Futures added 0.1% apiece.
During last week's trade, the Dow Jones Industrial Average fell 1.5%, while the S&P 500 declined by 0.6%. The tech-centric Nasdaq Composite recorded its poorest weekly performance since September, falling by 3.3%.
Apple shares (NASDAQ:AAPL) experienced a significant slide of around 6% last week, while the yield on the 10-year Treasury note swung back above 4%.
After a year-end rally driven by the Federal Reserve's dovish stance, markets consolidated amidst concerns that equities are now overvalued. A robust December jobs report, coupled with the release of Fed meeting minutes this week suggesting heightened uncertainty around the trajectory of rate cuts, have intensified these concerns.
In the United States, all eyes are on the upcoming US inflation data for further insights into the Federal Reserve's monetary policy outlook. Forecasts suggest that consumer prices likely increased by 0.2% in December, following a 0.1% gain in November. Meanwhile, the core rate is predicted to have risen by 0.2%, marking a slight decrease from the previous month's 0.3% increase. On an annual basis, the headline inflation rate is expected to bounce back to 3.2% from November's five-month low of 3.1%, while the core rate is likely to have eased to 3.9%, the lowest since May 2021.
This week, traders will gain more insight into the central
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