After moving notably lower last week, stocks may show a lack of direction in early trading on Monday. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures nearly unchanged.
A lack of major U.S. economic data may keep some traders on the sidelines as they look ahead to the release of several key reports later in the week.
In the coming days, traders are likely to keep a close eye on reports on durable goods orders, consumer confidence, new home sales and pending home sales.
The Commerce Department is also due to release its report on personal income and spending in the month of May, which includes a reading on inflation said to be preferred by the Federal Reserve.
The consumer price inflation data could significantly impact opinions regarding whether the Fed will follow through on its forecast interest rate hikes.
Stocks moved mostly lower over the course of the session on Friday, giving back ground following the tech-led rebound during trading on Thursday. The major averages all moved to the downside, with the Nasdaq leading the pullback.
The major averages all finished the day firmly in negative territory. The Nasdaq slumped 138.09 points or 1.0 percent to 13,492.52, the S&P 500 slid 33.56 points or 0.8 percent to 4,348.44 and the Dow fell 219.28 points or 0.7 percent to 33,727.43.
For the holiday-shortened week, the Dow tumbled by 1.7 percent, while the Nasdaq and the S&P 500 both dove by 1.4 percent.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan’s Nikkei 225 Index dipped by 0.3 percent, while China’s Shanghai Composite Index slumped by 1.5 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the French CAC 40 Index is up by 0.3 percent, the U.K.’s FTSE 100 Index and the German DAX Index are both down by 0.1 percent.
In commodities trading, crude oil futures are climbing $0.25 to $69.41 a barrel after slipping $0.35 to $69.16 a barrel last Friday. Meanwhile, after rising $5.90 to $1,929.60 an ounce in the previous session, gold futures are advancing $10.10 to $1,939.70 an ounce.
On the currency front, the U.S. dollar is trading at 143.11 yen versus the 143.70 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0918 compared to last Friday’s $1.0894.
Business News
U.S. Stocks May Show A Lack Of Direction In Early Trading
2023-06-26 12:44:45
