U.S. stock futures experienced slight declines early Monday after a strong finish on Friday, when the Dow and S&P 500 both reached record highs. As of 5:23 a.m. EST, futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average saw decreases of 0.39%, 0.32%, and 0.33%, respectively. Traders are now looking ahead to the upcoming release of the Personal Consumption Expenditures (PCE) data, set for September 26, which is a crucial indicator of inflation.
In the previous trading session, all three major indexes closed higher, further extending their upward trajectories. The Dow Jones increased by 0.37%, the S&P 500 climbed 0.49%, and the Nasdaq Composite rose by 0.72%. The Federal Reserve’s recent quarter-point rate cut has contributed to renewed optimism among investors, as the central bank indicated the possibility of additional rate cuts later this year in response to signs of a softening labor market, modest economic growth, and persistent inflation above the 2% target.
For the week, all major indexes reported gains, with the Dow up 1%, the S&P 500 increasing by 1.2%, and the Nasdaq 100 rising by 2.2%. This marked a third consecutive week of growth for the stock market.
No major economic reports are scheduled for today; however, anticipation is building around the release of the August PCE report on Friday, which analysts consider a key metric influencing the Federal Reserve’s monetary policy decisions. Additional significant data expected this week include the September S&P Global Manufacturing and Services PMIs, August new and existing home sales figures, and the final estimate of second-quarter GDP.
As the second-quarter earnings season wraps up, attention will turn to several notable companies set to report their financial results this week, including Micron, AutoZone, Accenture, CarMax, and Costco.
In the bond market, the U.S. 10-year Treasury yield declined, hovering around 4.12%. Meanwhile, WTI crude oil futures showed upward movement, trading near $63.04 per barrel. The Gold Spot price also saw an increase, reaching nearly $3,756 per ounce.
Over in Europe, stocks opened mostly lower as traders reacted to President Donald Trump’s new H-1B visa directive, which mandates that companies pay a $100,000 application fee per worker.
In Asia, markets showed mixed results amid the White House’s announcement regarding the increased H-1B visa fee. The People’s Bank of China kept its lending prime rate unchanged at 3.0%. Hong Kong’s Hang Seng index fell by 0.76%, while the Shanghai Composite rose by 0.22% and the Shenzhen Component increased by 0.68%. Japan’s markets also performed well, with the Nikkei gaining 0.99% and the Topix up 0.49%.
