U.S. stocks displayed mixed results on Monday morning after the S&P 500 experienced its worst week of the year so far last week. In addition to the index’s recent slump, investors also remain concerned about upcoming inflation readings.
Futures on the S&P 500 edged higher by 0.1% on during Monday’s early trading, while the Nasdaq Composite advanced by 0.4%. Futures on the Dow Jones Industrial Average fell by roughly the same margin; the equivalent of a 30-point drop.
Last Friday, each of New York’s indexes closed lower. While the Dow Jones Industrial was down 0.2% for the week, the S&P 500 ended the week 1.1% lower. The Nasdaq Composite Index took a 2.4% hit.
Investors are keeping a sharp lookout for the week’s upcoming Consumer Price Index (CPI), due to be released on Tuesday. This is set to be followed by the government’s retail sales report on Wednesday and the Producer Price Index (PPI) on Thursday.
Fed Chair Jerome Powell delivered a speech last week that has already seen investors readjusting their interest rate expectations. Now, investors are convinced that rates will remain higher for longer despite indications of a cooldown in inflation.