U.S. futures slightly higher, focus on Fed and non-farm payrolls data this week
As of 19:10 Eastern Time (23:10 Greenwich Mean Time), Standard&Poor's 500 index futures rose 0.2%, Nasdaq 100 index futures rose 0.2%, and Dow Jones Industrial Average futures rose 0.1%.
US stock futures rose in Sunday night trading, with investors expecting multiple Federal Reserve officials to deliver speeches and release new interest rate signals this week. In addition, the market will also focus on labor market data.
Wall Street fell last Friday due to the personal consumption expenditure price index (PCE) data in May showing that inflation remained high. In addition, the uncertainty of the 2024 presidential election, especially the debate between President Biden and his competitor Donald Trump, has also made people feel uneasy.
As of 19:10 Eastern Time (23:10 Greenwich Mean Time), S&P 500 index futures rose 0.2% to 5,532.5 points, and Nasdaq 100 index futures rose 0.2% to 19,965 points. The Dow Jones Industrial Average futures rose 0.1% to 39,512 points.
The focus of this week is on the Federal Reserve statement and labor market data.
Federal Reserve officials will issue a series of statements this week, which are worth market attention. Especially, Federal Reserve Chairman Powell plans to deliver a speech at the annual European Central Bank seminar in Portugal on Tuesday. On Wednesday, the minutes of the June meeting will also be released, which are expected to further reveal more details of Fed officials discussing the interest rate path during the meeting.
Federal Reserve decision-makers generally believe that the Federal Reserve will strive to achieve its 2% inflation target before seeking any rate cuts.
In addition to the comments from the Federal Reserve, the focus of this week will also be on the key non farm payroll data released on Friday. It is expected that this data will further reveal the state of the labor market, and its strength is also a source of divergence for the Federal Reserve when adjusting interest rates.
Last Friday, the Wall Street index closed lower and fluctuated in the record high range of recent trading days. The low trading volume during the summer vacation also resulted in less market volatility. The Independence Day holiday this Thursday is expected to also affect trading volume this week.
Last Friday's close, the S&P 500 index fell 0.4% to 5,460.48 points, and the Nasdaq Composite Index fell 0.8% to 17,723.83 points. The Dow Jones Industrial Average fell 0.1% to 39,118.86 points.
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