Jul 01, 2024

US stock index futures climbed on Sunday evening as investors looked ahead to key interest rate signals from Federal Reserve officials and important labor market data this week.

Market Performance

  • S&P 500 Futures: +0.2% to 5,532.50 points
  • Nasdaq 100 Futures: +0.2% to 19,965.0 points
  • Dow Jones Futures: +0.1% to 39,512.0 points

Fed Commentary and Labor Data

Investors are focused on upcoming comments from Federal Reserve officials, particularly Chairman Jerome Powell, who will address the European Central Bank’s annual forum in Portugal on Tuesday. The release of the Fed’s June meeting minutes on Wednesday is also anticipated to provide further insights into interest rate directions. Fed officials continue to emphasize the need for inflation to reach the 2% target before considering rate cuts. Additionally, nonfarm payrolls data for June, due on Friday, will be closely watched for labor market insights.

Market Activity and Influences

Wall Street ended lower on Friday, maintaining a narrow range near record highs amid low trading volumes due to the summer holidays. The Independence Day holiday on Thursday will shorten the trading week. The S&P 500 fell 0.4% to 5,460.48 points, the NASDAQ Composite dropped 0.8% to 17,723.83 points, and the Dow Jones Industrial Average dipped 0.1% to 39,118.86 points.

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