Stock index futures were almost flat on Monday, as investors look forward to important inflation reports and earnings scheduled for later in the week.
S&P 500 futures (SPX) -0.1%, Nasdaq 100 futures (US100:IND) and Dow futures (INDU) were unchanged.
The 10-year Treasury yield (US10Y) rose 3 basis points to 4.32%. The 2-year yield (US2Y) rose 3 basis points to 4.65%. See how Treasury yields have done across the curve at the Seeking Alpha bond page.
Wall Street on Friday reached a new record close, while U.S. Treasuries rallied, as traders parsed a nonfarm payrolls report that further supported the case for Federal Reserve interest rate cuts.
“Looking back at last week now and markets continued to advance, as poorer data led investors to dial up the chance of future rate cuts. Indeed on Friday, there was a very underwhelming U.S. jobs report, which added to the run of weak data recently,” Deutsche Bank’s Jim Reid said.
The week is expected to be an action packed one, with the June consumer price index and producer price index expected to come on Thursday and Friday respectively.
Fed chair Jerome Powell will also speak to the Senate and House on Tuesday and Wednesday.
To cap it all off, the second quarter earnings season will also kick off this week, with names like Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC) and Delta Air Lines (DAL) set to report.
There’s a lot to digest this week, said Reid, adding, “If markets do want a September cut then a bit more progress is needed on inflation.”