New York, NY – U.S. stock futures dipped slightly on Monday following a positive week, with investors keeping a close watch on the Federal Reserve’s upcoming interest rate decision and May’s inflation data. Dow Jones Industrial Average futures were down by 65 points, or about 0.2%, while S&P 500 futures and Nasdaq 100 futures pulled back by 0.1%.
Wall Street saw gains last week across major averages, with the S&P 500 hitting a record intraday high on Friday and registering a 1.32% increase. The Dow recorded a 0.29% gain, and the Nasdaq Composite climbed 2.38%. Nvidia shares were down 0.2% as the stock’s 10-1 split went into effect, trading around $120 per share post-split.
Nvidia also made headlines last week with a 10% gain, propelling the chipmaker’s market capitalization past $3 trillion for the first time. However, market focus remains on the Fed’s interest rate decision and the release of May’s consumer price index on Wednesday, which could serve as significant market indicators.
Investors are anticipated to closely examine the Fed’s updated projections on the timing and frequency of rate cuts, as markets currently predict just one rate cut this year in November. Macquarie’s David Doyle remains cautious, suggesting rate cuts may not commence until 2025 due to mixed implications stemming from recent economic data.
Additionally, on Monday, investors will be monitoring Apple’s Worldwide Developers Conference for any announcements about the tech giant’s latest software updates. The conference could provide valuable insights into Apple’s future directions and product developments, impacting the tech sector.
Overall, market sentiment remains cautiously optimistic as traders await key economic data releases and the Fed’s decision, which could potentially steer market trends in the coming weeks. As uncertainties persist, investors are advised to stay vigilant and adapt to changing market conditions.