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 are lower on Monday night as Wall Street awaits more data and bank earnings that could provide a better picture of the health of U.S. consumers.
futures tied to Dow Jones Industrial Average We lost 50 points, or 0.1%. S&P500 Futures fell more than 0.1%, while Nasdaq 100 Futures fell 0.2%.
Investors are keeping an eye on Wednesday's retail sales data for December, which could raise concerns about recession and economic growth if U.S. consumer spending cools. Economists polled by FactSet forecast a 0.2% increase for the month, slightly below November's 0.3% increase.
Separate bank results will be released this holiday-shortened week that will provide further clues about consumer health and data on credit card payments and delinquencies. goldman sachs, morgan stanley and PNC Financial Services I plan to report on it on Tuesday. charles schwab and M&T Bankseveral local banks are also scheduled to announce their financial results this week.
Including 4 major banks JP Morgan, citygroup and wells fargo– Financial results were mixed on Friday, but the company posted strong profits for the year on the back of a strong labor market, resilient consumers and high interest rates.
Despite December's better-than-expected consumer inflation report, stocks continued their weekly gains, marking their 10th rising week in 11 weeks. The negative Producer Price Index results further convinced investors that the Fed's interest rate cutting campaign could soon begin.
Tech stocks led the market's gains last week as the Nasdaq outperformed, rising about 3.1% through Friday's close. The Dow Jones Industrial Average rose about 0.3%, and the S&P 500 rose 1.8%.