New York, NY – Stock futures showed little change on Sunday evening as investors prepared for a holiday-shortened trading week. Futures tied to the Dow Jones Industrial Average remained below the flat line, while S&P 500 and Nasdaq 100 futures saw slight gains of 0.03% and 0.1%, respectively.
Last week, the Dow slipped 57 points, the S&P edged lower by 0.04%, and the Nasdaq Composite closed at a record high for the fifth consecutive session. Despite mixed performance for the major averages, the Nasdaq saw its seventh consecutive up week, boosted by a recent rally in the tech sector.
Looking ahead, investors are cautious about whether this rally in tech stocks can be sustained, especially as cracks start to appear in the market outlook. The two main themes investors are grappling with this year are the secular AI theme and the concept of manufacturing, reshoring, and robust economic growth.
“The recent weaker economic data might signal a slow reacceleration in manufacturing and industrial sectors compared to the rapid growth in the AI sector,” stated Shannon Saccocia from NB Private on CNBC’s “Closing Bell.” With markets closed on Wednesday for the Juneteenth holiday, this week will be shorter than usual.
Beyond the holiday, investors are eagerly awaiting May retail sales data on Tuesday, along with updates on home sales and housing starts later in the week. Additionally, quarterly earnings reports from companies like Lennar, Kroger, Darden Restaurants, and CarMax will provide further insights into the state of the economy and specific sectors.
In the coming days, market watchers will be keenly observing how these various economic indicators and earnings reports impact trading activity and investor sentiment. The performance of key sectors, such as retail, real estate, and consumer goods, will likely influence market trends and the overall direction of the stock market as the week progresses.