Business

Equity futures began to fall slightly after key indices rose in May

A trader on the floor of the New York Stock Exchange.

Source: New York Stock Exchange

Equity futures fell slightly in night trading after a rise in key indices in May.

Dow Jones Industrial Average futures fell 32 points, or 0.09%. S & P 500 futures fell 0.11% and Nasdaq 100 futures fell 0.05%.

The night trading move will occur after the Dow Jones Industrial Average and the S & P 500 rose 1.93% and 0.55% in May, respectively, for the fourth straight month of positive growth. The S & P 500 closed just 0.8% from its highs on Friday.

Small cap Russell 2000 rose 0.11% in May, marking the eighth straight month of positive growth. This is the longest consecutive monthly win record since 1995.

The Nasdaq rose 2.06% last week, the highest weekly performance since April. However, tech-rich conglomerates fell 1.53% in May, breaking the six-month streak record.

The key inflation index (Core Consumer Expenditure Index) rose 3.1% year-on-year in April, at a faster pace than the projected 2.9% rise. Despite higher-than-expected inflation data, bond yields fell on Friday.

“Overall, given the reaction of the market, [Friday]Investor concerns about inflation may have been exaggerated or already factored in in the PCE announcement, “Goldman Sachs managing director Chris Hussey said in a memo. Stated.

“Inflation today is not a monetary policy mistake, but a type of inflation that accompanies accelerated growth,” Hassy said.

Investors are waiting for the Federal Reserve Board’s meeting scheduled for June 15-16.The key to the market is whether the Fed begins to believe that inflation is higher than expected, or that the economy is strong enough without too much financial support.

May employment statistics, due out on Friday, will provide an important reading of the economy. According to Dow Jones, economists expect to create about 674,000 jobs in May. But in April, 266,000 jobs were added, far less than expected.

Zoom Video Communications and Hewlett Packard Enterprise will report their quarterly results after the bell on Tuesday.

— CNBC’s Patti Domm contributed to the report.

Equity futures began to fall slightly after key indices rose in May

Source link Equity futures began to fall slightly after key indices rose in May

Back to top button