Stock futures were little changed on Sunday evening ahead of a holiday-shortened week.
Futures tied to the Dow Jones Industrial Average hovered under the flat line. S&P 500 futures and Nasdaq 100 futures added 0.03% and 0.1%, respectively.
Last week, the Dow slipped 57 points on Friday, while the S&P edged lower by 0.04% and the Nasdaq Composite eked out a 0.12% gain to close at a record for the fifth session in a row. For the week, the major averages were mixed, with the blue-chip Dow posting its third losing week in four, while the S&P and Nasdaq notched their seventh up week in the last eight, buoyed by the recent rally in tech.
In the week ahead, investors will wonder if that rally can continue, with cracks emerging in the market outlook.
“There’s really these two themes … investors are trying to play this year,” NB Private’s Shannon Saccocia told CNBC’s “Closing Bell” on Friday. “One has been the secular AI theme and then one has been this idea of manufacturing, reshoring and, frankly, continued strong economic growth.”
“We are seeing a little bit of weaker economic data and maybe you’re getting a breather or a sigh that perhaps this … reacceleration from a manufacturing and industrial perspective is slower to move than what we’re seeing from an AI standpoint,” she added.
This week will be a holiday-shortened week, with markets closed Wednesday for the Juneteenth holiday.
Investors are monitoring May retail sales data, due out on 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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