Stock futures experienced a slight decline on Monday, extending into the new week as Wall Street aims to sustain the positive momentum seen over the past four weeks in the equity market.
Futures for the Dow Jones Industrial Average edged down by 45 points, representing a 0.13% decrease. Similarly, futures for the S&P 500 slipped by 0.16%, and Nasdaq 100 futures registered a 0.17% decline.
The previous week marked the fourth consecutive week of gains for all three major averages on Wall Street. This upward trend comes in the wake of a rally that commenced when the 10-year Treasury yield retreated from the briefly touched 5% mark in late October. Investors continue to monitor market dynamics, seeking clues about the trajectory of stock movements in the face of evolving economic conditions and global events.
The rally has come despite warnings from some U.S. retailers that consumer spending is weakening. Traders will be looking for updates about the start of the holiday shopping season after Black Friday.
Weak spending data could suggest that the Federal Reserve’s rate hikes are finally starting to weigh on the broader economy. Stock futures experienced
“The New York Fed’s latest household survey shows that a record-high share of consumers are saying that it is much harder to obtain credit … This is what the textbook would have predicted. When the Fed raises interest rates it becomes more difficult for consumers to borrow,” Torsten Slok, Apollo Global Management chief economist, said in a note to clients on Sunday.
The week ahead is also a busy one for economic indicators and Fed commentary. On Monday, new home sales and the latest Dallas Fed Manufacturing Survey are due out. Readings for consumer confidence and inflation follow later in the week.