Stock futures were mostly flat on Sunday evening, pointing to a muted opening in New York on Monday. (Photo by TIMOTHY A. CLARY/AFP via Getty Images)
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U.S. stocks are poised for a muted open on Monday, ahead of major inflation data and a Federal Reserve decision next week.
At 6:15 p.m. Eastern Time on Sunday, Dow Jones Industrial Average futures were flat, the S&P 500 futures were also flat, and Nasdaq Composite futures fell 0.1%.
Crude oil futures (West Texas Intermediate, the U.S. standard) rose 3.8% to $74.22 a barrel. Brent crude, the international standard, rose 3.3% to $78.62 a barrel. The price increases come after major oil producing nations agreed to extend production quotas into next year, and Saudi Arabia said it would cut another one million barrels a day in July.
Notable earnings this week include Gitlab and Science Applications International on Monday; Ciena, Ferguson, J.M. Smucker, Stitch Fix, and THOR Industries on Tuesday; Brown-Forman, Campbell Soup, GameStop, and Trip.com on Wednesday; DocuSign, Signet Jewelers, and Vail Resorts on Thursday; and NIO on Friday.
Notable economic events this week include: On Monday, the Census Bureau will report factory orders, including durable and nondurable goods, for April; and the Institute for Supply Management will release its Services Purchasing Managers’ Index for May. On Tuesday, the Reserve Bank of Australia will announce a monetary-policy decision.
On Wednesday, the Federal Reserve will report consumer credit data for April, including non-revolving credit, such as home mortgages and auto loans, and revolving credit, mostly from credit cards.
On Thursday, the Labor Department reports initial jobless claims, a proxy for layoffs, for the week ending on June 3; and the Federal Reserve releases the first-quarter Financial Accounts of the United States, detailing the net worth of U.S. households and nonprofits.
Write to Janet H. Cho at [email protected]
Source: https://www.barrons.com/articles/stocks-poised-for-muted-open-f461da98?siteid=yhoof2&yptr=yahoo