Stock index futures were nearly flat on Monday as investors looked ahead to key inflation reports and earnings later this week.
S&P 500 Index Futures (SPX) -0.1%Nasdaq 100 Index futures (US100:IND) and Dow Jones Index futures (India) remains unchanged.
10 years Treasury bond yield (10 years USD) rose 3 basis points to 4.32%. 2-year return rate (US2Y) rose 3 basis points to 4.65%. How to see Treasury yields have crossed the curve On the Seeking Alpha Bonds page.
Wall Street closed at a new record on Friday, while U.S. Treasuries rose as traders analyzed a non-farm payrolls report that further bolstered the case for the Federal Reserve to cut interest rates.
“Looking back at last week, markets continued to rise as poorer data led investors to increase the likelihood of future rate cuts. In fact, Friday’s U.S. jobs report was very lackluster, which added to the recent weak data. ,” Deutsche Bank Jim Reed said.
This week is expected to be action-packed, with June CPI and PPI expected to be released on Thursday and Friday respectively.
Federal Reserve Chairman Jerome Powell will also address the Senate and House of Representatives on Tuesday and Wednesday.
On top of that, second-quarter earnings season also kicks off this week, with the likes of Citigroup (C) , JPMorgan Chase (JPM) , Wells Fargo (WFC) and Delta Air Lines (DAL) set to report.
Reid said there was a lot to digest this week, adding, “If the market does want a rate cut in September, then more progress will be needed on the inflation front.”
