FRC - Dow S&P Nasdaq futures dip ahead of a big week for economic data

2023-04-24 06:29:17 ET

Stock index futures pointed to a slightly lower open Monday with little to spur solid moves ahead of the bell.

S&P futures ( SPX ) -0.1% , Nasdaq 100 futures ( NDX:IND ) -0.1% and Dow futures ( INDU ) -0.2% were lower.

"There’s a bit of everything for investors around the world this week," Deutsche Bank's Jim Reid wrote. "In the US Q1 GDP, the employment cost index, core PCE, and consumer confidence are the highlights with us now in the Fed blackout period ahead of next week’s FOMC. Meanwhile, we will see inflation and growth data in the Eurozone, and the BoJ's decision in Japan on Friday."

"Big tech (14% of S&P in 4 names), pharma and oil earnings will fill out a busy earnings week. Watch out for First Republic Bank ( FRC ) reporting as well after the closing bell today."

Rates trading focused on positioning in anticipation of a debt ceiling battle. The 3-month Treasury yield ( US3M ) spiked 11 basis points to 5.23% and widened its record spread between the 1-month ( US1M ). Money continued to move from the 3-month, which is closest to the X date where the U.S. risks defaulting on its debt .

The 10-year Treasury yield ( US10Y ) fell 3 basis points to 3.54% and the 2-year yield ( US2Y ) fell 3 basis points to 4.16%.

While the week is packed with numbers, there is little of note on today's economic calendar.

Among active stocks, Bed Bath & Beyond ( BBBY ) plunged after filing for bankruptcy .

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