US stock futures stabilized for Monday's session

Monday, July 08, 2024 - 23:41
Point Trader Group

US stock futures were little changed on Monday night, after the S&P 500 and Nasdaq Composite index closed at new record levels.

Dow Jones Industrial Average futures rose 13 points, or 0.04%. Standard & Poor's 500 futures rose by 0.03% and Nasdaq 100 futures rose by 0.07%.

The Standard & Poor's 500 and Nasdaq indexes closed at record levels, Monday, as investors awaited key inflation data to provide more evidence about whether the market's rise this year is sustainable, with investors looking forward to a busy week with inflation readings and the beginning of the corporate earnings reporting season.

The broad market index ended the day up 0.1% to 5,572.85, while the Nasdaq Composite Index advanced 0.28% to 18,403.74. While the Dow Jones Industrial Average was trading down 31 points, or 0.08%, to 39,344.79.

Intel shares rose by 6% and Boeing shares by about 3%, leading the Dow Jones Index to rise.

“You really want to stay broadly diversified,” Payne Capital Management senior wealth advisor Courtney Garcia told CNBC's "Closing Bell" on Monday. "I don't think momentum trading is over here, especially in the short term, but when it changes, it will change quickly. And when you look at valuations, there's a lot of opportunity here," she added.

In addition, Wall Street is preparing for a week full of economic data, US Federal Reserve speakers, and earnings results. Tuesday.

Federal Reserve Chairman Jerome Powell is scheduled to deliver his statements on the two-day semi-annual monetary policy update before Congress. Investors will analyze his statements for clues about his stance on inflation and the economy.

Key inflation data is due later this week with the CPI for June on Thursday, as well as the Producer Price Index on Friday.

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