U.S. stock futures held little changed Monday night after the S&P 500 closed lower, with traders bracing for Nvidia's earnings and a key inflation print later this week. The Dow gained in regular trading even as tech names dragged the S&P 500 and Nasdaq Composite down, while Treasury yields eased on news of a possible boost to bond buybacks.
Dow Jones futures added 33 points, or 0.06%. S&P 500 futures and Nasdaq 100 futures each edged higher by 0.06% as well. The moves followed a losing regular session, as investors turned cautious ahead of Nvidia's earnings and a fresh inflation reading due later this week.
S&P 500 and Nasdaq slip as chip stocks weigh
In regular trading, the S&P 500 fell 0.28%, and the Nasdaq Composite lost 0.76% as declines in chip stocks and other tech names weighed on the broader market. The Dow bucked the trend, however, gaining 140.15 points, or 0.26%.
Bond yields moved in the opposite direction. The 10-year Treasury yield fell more than 3 basis points to 4.7% after CNBC reported that the Treasury Department could tap its $1 trillion General Account to fund an expanded bond-buying plan, citing two department officials.
Nvidia earnings and inflation data loom
Nvidia's quarterly report is due Wednesday after the closing bell, and investors are also watching the personal consumption expenditure price index reading for July, also out Wednesday, a key inflation gauge. Those two events sit at the center of this week's positioning, following last week's pullback.
A further catalyst awaits Friday, when Federal Reserve Chairman Kevin Warsh is expected to speak at the Fed's annual symposium in Jackson Hole, Wyoming. His appearance follows the Treasury Department's earlier announcement of a plan to tame long-dated yields.
Earnings from Bank of Montreal and Dick's Sporting Goods are due before Tuesday's opening bell, and Intuit, Box and Zoom report after the close. Traders will also watch consumer confidence data at 10 a.m. ET Tuesday for signs of whether consumer resilience is starting to crack.
Source: CNBC
Trading involves risk.
Risk Disclaimer
