Futures tied to the 500-stock benchmark were flat, Dow Jones Industrial Average futures and Nasdaq 100 futures also traded within 0.1% of their previous close
U.S. stock futures were near the flatline on Sunday night following a record-setting week for the S&P 500.
Futures tied to the 500-stock benchmark were flat. Dow Jones Industrial Average (DJIA) futures and Nasdaq 100 futures also traded within 0.1% of their previous close.
On Friday, the S&P 500 gained 0.57% to close above the 5,000 level for the first time, while the tech-heavy Nasdaq Composite advanced 1.25%. On the other hand, the Dow Jones Industrial Average slipped 54.46 points, or 0.14%.
All three major indexes are coming off their fifth consecutive week of gains. The S&P 500 and Nasdaq Composite gained 1.4% and 2.3%, respectively. The Dow edged up.
Some 61 names in the S&P 500 are set to report earnings in the week ahead, including Lyft, Instacart and DoorDash. Companies like AutoNation, Kraft Heinz, Hasbro and Coca-Cola will also shed light on the state of the U.S. consumer.
Most earnings are going to be strong because the economy was strong, said Infrastructure Capital Advisors’ Jay Hatfield, who noted that he is bullish on the slate of earnings reports.
Traders will also watch out for the latest level on the CPI, a key inflationary gauge — set to be released on Tuesday morning. More key economic data is expected on Thursday and Friday, including January’s reading on retail sales, production, imports and exports, housing starts and the producer price index, or producing price index.
CPI and PPI should print in line, but still be bullish, Hatfield said to CNBC. We think that the market will continue to rally for the next week or two, and then maybe stall out as we wait for this inflation data to continue to come out.