Futures muted, NFPs ahead this week, Macy's takeover bid - what's moving markets

investing.com:

Investing.com -- Stock futures on Wall Street are mixed heading into a new trading week. Federal Reserve monetary policy will likely be a major focus for markets, particularly when the closely-watched February labor market report is released on Friday. Elsewhere, an investor group hikes its takeover offer for department store chain Macy’s (NYSE:M), while Super Micro Computer (NASDAQ:SMCI) is due to join the benchmark S&P 500 later this month.

1. Futures mixed

U.S. stock futures hovered around both sides of the flatline on Monday, with a white-hot rally in equities showing some signs of cooling prior to more cues on Federal Reserve monetary policy and fresh developments in the American presidential election.

By 03:24 ET (08:24 GMT), the Dow futures contract had shed 60 points or 0.2%, S&P 500 futures had dipped by 3 points or 0.1%, and Nasdaq 100 futures had added 22 points or 0.1%.

The main averages ended the previous trading week higher after weak economic data and comments from Federal Reserve officials supported hopes for an interest rate cut by the U.S. central bank later this year. A gauge of manufacturing activity in the world's largest economy remained in contraction territory for the 16th consecutive month, while consumer surveys from the University of Michigan slipped by more than anticipated.

Elsewhere, Fed Governor Christopher Waller said that the size of bank's balance sheet did not influence its ongoing battle to corral inflation, feeding expectations for a potential future rate reduction.

2. Jobs report, retail earnings ahead this week

Friday’s monthly jobs report is set to headline this week's economic calendar, as investors try to assess the timing of the first Fed interest rate cut.

Markets are