S&P 500 futures were flat Monday night, as the market came out of its first losing week in more than a month.
S&P 500 futures were flat, while Nasdaq 100 futures rose 0.2%. Dow Jones Industrial Average futures added 8 points, also little changed.
The moves come on the heels of a losing week on Wall Street after economic data raised concerns that the Federal Reserve may not start cutting interest rates as soon, or as much as market participants had expected, this year.
All three major indexes snapped a five-week winning streak. The tech-heavy Nasdaq Composite led the way lower, down more than 1.3%, while the S&P 500 fell about 0.4%. The blue-chip Dow Jones Industrial Average suffered the narrowest loss, falling just 0.1%.
Wholesale prices rose more than economists polled by Dow Jones had expected between December and January, according to producer price index data released Friday. That reinforced concerns about persistent inflation that were raised earlier in the week after the consumer price index came in at 3.1% on an annualized basis, above economists’ expectations and well above the Federal Reserve’s 2% target.
“The Fed will be concerned about the January CPI and PPI reports,” said Bill Adams, chief economist at Comerica Bank. “Inflation has been building momentum over the past few years, and it has persisted in many corners of the economy. ... January inflation data will reinforce the Fed’s bias toward only gradual rate cuts in 2024.”
