U.S. stock futures were flat early Monday morning following back-to-back weekly losses for the Dow Jones Industrial Average and S&P 500.
Dow futures gained 7 points, reversing earlier losses. S&P 500 futures were also marginally higher while Nasdaq 100 futures were flat.
The S&P 500 and Dow lost 0.3% and 1.1%, respectively, last week. The Nasdaq Composite, meanwhile, advanced 0.4%. The broader market index fell as poor sentiment around the U.S. economy weighed on investor sentiment.
“The weak parts of the market remain weak and unable to rally, while the strong parts of the market are extended and vulnerable,” BTIG’s Jonathan Krinsky said in a Friday note.
Wall Street on Friday absorbed a preliminary reading from the University of Michigan last week that showed consumer sentiment falling to a six-month low. Also in focus were debt ceiling negotiations as the U.S. draws nearer to the so-called “X date,” or when the government may go into default without a raise in the debt limit to pay its bills. CNBC reported a meeting between President Joe Biden and congressional leaders on the topic was rescheduled to this week.
On Monday, investors are watching for the May data for the Empire State Index, which will show how New York State manufacturers feel about the economy. Economists polled by Dow Jones are expecting a reading of 1.0, which would be lower than the 10.8 level in previous data.
Traders are also anticipating China industrial output and retail sales data.
Source: https://www.cnbc.com/2023/05/14/stock-market-today-live-updates.html
