Stock futures fall slightly after Dow's worst week since October: Live updates

Traders work at the New York Stock Exchange (NYSE) in New York City, U.S., on February 29, 2024.

Brendan McDermid | Reuters

U.S. stock futures fell slightly Sunday evening after the Dow Jones Industrial Average closed its session. worst week since october. Investors are also awaiting inflation data due out later this week.

Dow Jones Industrial Average futures fell 21 points, or 0.05%. S&P 500 and Nasdaq 100 futures fell 0.17% and 0.38%, respectively.

Wall Street is coming off a week of losses for the major averages. The Dow Jones, made up of 30 stocks, fell 0.93% last week, marking its worst performance since October. The S&P 500 fell 0.26%, while the Nasdaq Composite fell 1.17%.

Investors took profits on some market leaders as excessively high valuations have worried many stocks that they could suffer a pullback after this year's rally. five of the Seven magnificent companies declined last week, with only Nvidia and Meta Platforms pulling away from the pack.

Friday's February jobs data also gave investors mixed signals about when the Federal Reserve could be expected to cut interest rates. While the U.S. economy added more jobs than economists anticipated, a higher unemployment rate and lower-than-expected wage growth were encouraging signs that the central bank could begin to ease its monetary policy.

Investors will be looking for more signs of progress on inflation this week. The February consumer and producer price indices, due to be released on Tuesday and Thursday, respectively, come after January's surprisingly positive report dashed hopes that the path to the Federal Reserve's 2% target was easy. Traders will receive their latest major economic reports before Fed leaders meet for their March policy meeting.

"We are not expecting the Federal Reserve to cut rates at its meeting later this month," wrote Mike Dickson, head of research at Horizon Investments. "Given this recent rebound, we expect the Fed to wait until we see at least three consecutive months of lower utility inflation. That means June at the earliest, and later in 2024 if utility inflation remains stable."

Oracle will report on the results of the software platform on Monday after the close.

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