Dow futures tick higher; earnings ramp up, key economic data due
Investing.com — U.S. stock futures edged higher Monday, continuing the recent tech-inspired rally at the start of a week that includes more earnings reports as well as key economic data.
By 06:45 ET (11:45 GMT), the Dow Futures contract was up 55 points, or 0.1%, S&P 500 Futures traded 16 points, or 0.3%, higher and Nasdaq 100 Futures climbed 105 points, or 0.6%.
The main U.S. averages closed higher on Friday after losing ground earlier in the week, boosted by an artificial intelligence-powered rally that pushed the benchmark S&P 500 up to its first record high close in two years in the prior session — effectively marking the shift from a bear to a bull market.
All three major indices–the Dow Jones Industrial Average, the Nasdaq Composite as well as the S&P 500–are now higher so far in 2024.
Much of the move into a bull market has been generated by the prospect of the Federal Reserve cutting interest rates swiftly this year as inflation slows. But the timing and the depth of those cuts remain up for debate.
The odds of a Federal Reserve cut in March have shifted to 50-50 following a run of better data on retail sales and consumer sentiment, from just under 80% a week ago.
Investors now await a key US inflation reading on Thursday for fresh insights on the future path of interest rates. December's personal consumption expenditures data comes after the price index increased 2.6% in the 12 months to November and monthly prices fell for the first time in more than three and a half years.
The government is also scheduled to release data on fourth quarter GDP on Wednesday, which is expected to come in at 2.0% after a 4.9% increase in the prior quarter.
The earnings season ramps up this week, with investors looking ahead to
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