Stock futures fall slightly on Sunday evening with Wall Street riding a four-week winning streak

Stock futures fell Sunday night as Wall Street looks to build on four consecutive positive weeks for the stock market.

Dow Jones Industrial Average futures fell 38 points, or 0.1%. S&P 500 and Nasdaq 100 futures fell about 0.2% each.

Wall Street is coming off the fourth straight week of gains for the three major averages, as stocks have risen since the 10-year Treasury yield retreated from the 5% mark it briefly surpassed in late October.

The rebound has occurred despite warnings from some US retailers that consumer spending is weakening. Merchants will be looking for updates on the start of the holiday shopping season after Black Friday.

The weak spending data could suggest that the Federal Reserve's rate hikes are finally starting to weigh on the broader economy.

"The New York Fed's latest household survey shows that a record share of consumers say it's much harder to get credit...This is what the textbook would have predicted. When the Fed raises interest rates interest rate, it becomes more difficult for consumers to borrow," Torsten Slok, chief economist at Apollo Global Management, said in a note to clients on Sunday.

Next week will also be a busy one in terms of economic indicators and comments from the Fed. New home sales and the latest manufacturing survey from the Dallas Federal Reserve will be released on Monday. Consumer confidence and inflation readings will be released later in the week.

Leave a Comment

Comments

No comments yet. Why donโ€™t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *