Traders on the floor of the New York Stock Exchange on August 4, 2022.
Source: New York Stock Exchange
Stock futures were steady in overnight trading on Sunday as the market is expected to enter the last week of June and the first half of 2024 near all-time highs.
Dow Jones Industrial Average and S&P 500 futures were little changed. Nasdaq 100 futures rose 0.2%.
The S&P 500 hit an intraday record high of 5,505.53 on Thursday and posted another winning week. The stock benchmark gained 0.6% last week, recording its eighth positive week in nine. However, signs of exhaustion have recently begun to emerge, especially among market heavyweights. NVIDIAThe consecutive massive sales.
The red-hot chipmaker fell 4% last week after two consecutive declines of more than 3%. The pullback came after Nvidia briefly dethroned Microsoft as the most valuable company in the US. Chart analysts also noted bearish patterns in Nvidia's recent operations.
"Extreme price performance may face some headwinds going forward - not a criticism of this AI giant's fundamentals, but more caution about how far the stock has moved and how quickly," Katie Nixon, CIO of Northern Trust Wealth Management, said of Nvidia.
Still, enthusiasm around artificial intelligence has significantly boosted the market this year, even as investors grappled with shifting expectations of rate cuts and a slowing economy. The S&P 500 has advanced nearly 15% this year after posting a record 31 closes.
Investors will closely monitor May personal consumption spending data, the Federal Reserve's preferred inflation gauge, due out Friday morning.
There are also a number of results from key companies this week, including FedEx, Micron, Walgreens Boots Alliance and Nike.
