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Home»Finance»S&P 500, Nasdaq hover near record highs ahead of retail sales data
Finance

S&P 500, Nasdaq hover near record highs ahead of retail sales data

June 18, 2024No Comments2 Mins Read
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Stocks slide amid weak manufacturing data, GameStop rallies after return of 'Roaring Kitty'
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US inventory futures held close to report highs, largely hitting pause in muted premarket buying and selling earlier than the week’s financial information spotlight: the discharge of Might’s retail gross sales numbers.

S&P 500 (^GSPC) futures hovered across the flatline after the benchmark index secured its thirtieth report shut of 2024. Futures tied to the Nasdaq Composite (^IXIC) rose 0.2% because the tech-heavy index seemed to construct on a sixth-straight report shut. Futures on the Dow Jones Industrial Common (^DJI) have been down 0.1%.

Techs are persevering with to guide an AI-driven rally that, as Yahoo Finance’s Myles Udland writes, buyers merely cannot afford to overlook out on. The passion is main a number of Wall Avenue banks to chase their year-end S&P targets larger, with one strategist saying the AI revolution remains to be in its “early innings.”

That enthusiasm may very well be (maybe briefly) put to the take a look at — or at the very least a again burner — as a glance into the well being of the US shopper takes the highlight. Retail gross sales have been flat in April, and buyers will probably be searching for whether or not that slowdown continues. Economists expect a 0.3% headline acquire for Might’s gross sales.

Additionally in focus will probably be a roster of chatty Fed officers who may supply extra indicators on the trail of rates of interest. Up to now the message after final week’s fee resolution and forecast replace has been clear: Count on one fee lower in 2024. Traders seemingly have not but taken this to coronary heart, with over 60% nonetheless anticipating two cuts by the top of the 12 months, in response to the CME FedWatch device.

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