Traders work on the floor of the New York Stock exchange during morning trading on May 17, 2024.
Michael M. Santiago | Getty Images
Stock futures advanced Monday night as investors await inflation data due at the end of the shortened trading week for a better picture of the market’s outlook.
Futures tied to the Dow Jones Industrial Average added 38 points, or 0.1%. S&P futures gained 0.1%, while Nasdaq 100 futures edged up 0.2%.
Stocks are on track to end May on a strong note, after softer inflation data earlier this month and better-than-expected quarterly earnings reports lifted sentiment and suggested rate cuts could come earlier than investors had anticipated.
Recently, however, stronger economic data and fresher concerns about a potential consumer spending pullback have dampened the interest rate outlook.
This month, the S&P 500 has advanced 5.3%, while the Nasdaq Composite has rallied about 8%, after ending last week at a fresh record high. The Dow Jones Industrial Average is up 3.3%, meanwhile, and topped 40,000 for the first time ever this month.
Looking ahead to this week, investors are watching for consumer confidence data out Tuesday and the April personal income and expenditures report, which includes the PCE inflation reading, out Friday. Several companies are also on deck to report earnings results, with names like Costco Wholesale and Ulta Beauty expected to give more clarity on the state of the consumer.
Source Agencies
