Traders on the floor of the New York Stock Exchange on August 4, 2022.
Source: NYSE
Stock futures were flat in overnight trading on Sunday, suggesting the market is on track to enter the last week of June and the first half of 2024 near all-time highs.
Dow Jones Industrial Average futures and S&P 500 futures were little changed. Nasdaq 100 futures rose 0.2%.
The S&P 500 hit an intraday high of 5,505.53 on Thursday, marking another up week. The stock index rose 0.6% last week, its eighth of nine consecutive weeks of gains. But it has recently started to show signs of fatigue, especially among some of the market’s heavyweights. NVIDIAContinuous selling.
Shares of the booming chipmaker fell 4% last week after two straight weeks of declines of more than 3%. The decline came after Nvidia briefly surpassed Microsoft to become the most valuable company in the U.S. Chart analysts also noted a bearish trend in Nvidia’s recent trading.
“The extreme price volatility could mean the company faces some slowdown going forward. This is not an indictment of the fundamentals of this giant AI company, but it does call for more caution about how much and how fast the stock has moved,” Katie Nixon, chief investment officer at Northern Trust Wealth Management, said of Nvidia.
Still, the enthusiasm around artificial intelligence has given markets a big boost this year, even as investors grapple with changing expectations of interest-rate cuts and a slowing economy. The S&P 500 has set 31 new all-time closing highs this year and is up nearly 15%.
Investors will be closely watching May personal consumption expenditures data, the Federal Reserve’s go-to inflation gauge, due for release on Friday morning.
Many major companies are also scheduled to report earnings this week, including FedEx, Micron, Walgreens Boots Alliance and Nike.
