YEXT - Wall Street Set To Open Week In The Red On Fed Jitters Inflation Data Anxiety: GameStop Rebounds Nvidia Trades After Stock Split | Benzinga
U.S. stocks are poised to start Monday’s session in the red as traders brace for the all-important decision from the Federal Reserve’s monetary policy committee on Wednesday and the May inflation report ahead of the rate decision. Although the futures market has factored in a Fed pause, rate cuts announced by two G7 central banks last week have increased hopes of a dovish message from their U.S. counterpart. Given the paucity of data and the overbought levels, the market may most likely tread water before taking a meaningful move on either side.
Futures Performance (+/-)
Nasdaq 100 -0.08%
S&P 500 -0.15%
Dow -0.21%
R2K -0.80%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.12% to $533.36, and the Invesco QQQ ETF (NASDAQ:QQQ) traded down 0.06% at $462.67, according to Benzinga Pro data.
Cues From Previous Week:
Wall Street posted weekly gain in the week ended June 7 as traders cheered data showing a loss of momentum in the jobs market, which is widely considered a precursor for Fed rate cuts. The Nasdaq Composite and the S&P 500 notched up intraday and closing highs on Wednesday before giving back some gains over the remaining two sessions. Nonetheless, the S&P 500 posted a fresh intraday high on Friday but ended off its Wednesday closing high.
Index Week’s Performance (+/-) Value
Nasdaq Composite +2.38% 17,133.13
S&P 500 Index +1.32% 5,346.99
Dow Industrials +0.29% 38,798.99
Russell 2000 -2.11% 2,026.55
Insights From Analysts:
The broader equity market rally seen this year is impressive, given last year's strength and tempered expectations concerning rate cuts, said Comerica Chief Investment Officer John Lynch in ...