Traders work on the floor of the New York Stock Exchange.
New York Stock Exchange
Stock futures were little changed Sunday evening ahead of the shortened holiday week.
Futures contracts tied to the Dow Jones Industrial Average fell 13 points. S&P 500 and Nasdaq 100 futures lost 0.1% and 0.03%, respectively.
Last week, the Dow Jones fell 57 points on Friday, while the S&P fell 0.04% and the Nasdaq Composite gained 0.12% to close at a record high for the fifth straight session. For the week, the major averages were mixed, with the blue-chip Dow Jones index recording its third losing week in four, while the S&P and Nasdaq recorded their seventh losing week in the past eight, buoyed by the recent rally in the technology sector.
Next week, investors will wonder whether this rally can continue, as cracks appear in market expectations.
“There are really those two themes…investors are trying to play this year,” NB Private’s Shannon Saccocia told CNBC’s “Closing Bell” on Friday. “One was the theme of secular AI, and then the other was the idea of industrialization, reshoring and, frankly, continued strong economic growth.”
“We’re seeing a little bit of weaker economic data and maybe you’re taking a breather or sighing that this is…re-accelerating from a manufacturing perspective and industries are slower to move than we’re seeing from an AI perspective.” He added.
This week will be a holiday-shortened week, as markets will be closed on Wednesday for the Juneteenth holiday.
Investors are watching May retail sales data, due Tuesday, as well as home sales and housing starts data later in the week. Lennar, Kroger, Darden Restaurants and CarMax will report quarterly earnings.
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