Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 11, 2024 in New York City.
Angela Weiss | AFP | Getty Images
Stock futures fell Monday night as Wall Street awaits more data and bank earnings that will provide a better glimpse into the state of the American consumer.
Linked futures contracts Dow Jones Industrial Average Lost 50 pips or 0.1%. Standard & Poor’s 500 Futures fell more than 0.1%, while Nasdaq 100 Futures fell 0.2%.
Investors are eyeing December retail sales data due on Wednesday, which could fuel recession fears and concerns about economic growth if US consumer spending slows. Economists polled by FactSet expect a 0.2% increase for the month, slightly lower than the 0.3% increase in November.
Another batch of bank earnings will be released during this holiday-shortened week, providing more clues about consumer health and data on credit card payments and delinquencies. Goldman Sachs, Morgan Stanley And PNC Financial Services He is scheduled to report on Tuesday. Charles Schwab And M&T BankRegional banks, as well as several regional banks, are also scheduled to report earnings this week.
Four large banks – incl JP Morgan, Citigroup And Wells Fargo– It reported mixed results on Friday, but posted strong profits for the year amid a strong labor market, a resilient consumer and high interest rates.
Stocks are coming off a string of weekly gains, notching their 10th week of wins in 11 weeks despite a higher-than-expected December consumer inflation report. The negative PPI reading has convinced investors that an interest rate cutting campaign by the Federal Reserve may begin soon.
Last week, technology stocks led the market higher as the Nasdaq outperformed, adding about 3.1% through Friday’s close. The Dow Jones rose nearly 0.3%, while the S&P 500 advanced 1.8%.