Traders on the floor of the New York Stock Exchange on Aug. 4, 2022.
Source: NYSE
Stock futures were flat in overnight trading Sunday as the market is set to enter the last week of June and 2024’s first half near record highs.
Futures on the Dow Jones Industrial Average and S&P 500 futures were both little changed. Nasdaq 100 futures inched up 0.2%.
The S&P 500 scored an intraday record of 5,505.53 on Thursday and posted another winning week. The equity benchmark gained 0.6% last week, notching its eighth positive week in nine. However, signs of exhaustion have started to emerge recently particularly with market heavyweight Nvidia‘s back-to-back sell-off.
The red-hot chipmaker fell 4% last week after two consecutive declines of more than 3%. The pullback occurred after Nvidia briefly dethroned Microsoft as the most valuable company in the U.S. Chart analysts also pointed to bearish patterns in Nvidia’s recent trading.
“The extreme price performance may face some speed bumps going forward — not an indictment of the fundamentals of this AI behemoth, but more caution around how far the stock has moved, and how quickly,” Katie Nixon, CIO at Northern Trust Wealth Management, said of Nvidia.
Still, the enthusiasm surrounding artificial intelligence has lifted the market significantly this year even as investors grappled with shifting expectations for rate cuts and a slowing economy. The S&P 500 has advanced almost 15% this year after notching 31 record closes.
Investors will closely monitor May’s personal consumption expenditure data, the Federal Reserve’s preferred inflation gauge, which is set to be released Friday morning.
There are also a number of key companies earnings this week, including FedEx, Micron, Walgreens Boots Alliance and Nike.