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Stock Market Futures Unchanged Ahead of Holiday-Shortened Week
As I look at the stock market on the evening of Sunday, June 16, I see that stock futures are exhibiting minimal shifts in anticipation of a truncated trading week. The $DOW Jones Industrial Average futures have retreated by 13 points, while $S&P 500 and $Nasdaq 100 futures are experiencing losses of 0.1% and 0.03%, respectively.
The previous week brought contrasting fortunes for the major averages. The $DOW Jones Industrial Average shed 57 points on the last trading day of the week, whereas the $S&P 500 and $Nasdaq Composite inched lower by 0.04% and 0.12%, respectively. The $DOW recorded its third losing week in four, while the $S&P 500 and $Nasdaq Composite notched their seventh weekly advance in the last eight. This divergence was fueled by the recent surge in tech stocks, which propelled the $S&P 500 and $Nasdaq Composite to new record highs for the fifth consecutive session.
As the new week unfolds, investors will grapple with the question of whether this rally can persist, as signs of uncertainty begin to surface in the market outlook. NB Private's Shannon Saccocia shared her insights with CNBC's 'Closing Bell' on Friday, stating, 'There are two themes that investors are trying to play this year. One has been the secular AI theme, and the other has been this idea of manufacturing, reshoring, and continued strong economic growth.' She continued, 'We are seeing weaker economic data, and maybe you're getting a breather or a sigh that perhaps this reacceleration from a manufacturing and industrial perspective is slower to move than what we're seeing from an AI standpoint.'
The upcoming week will be a holiday-shortened one, with markets closed on Wednesday in observance of the Juneteenth holiday. Investors will keep a close eye on May retail sales data, scheduled for release on Tuesday, as well as home sales and housing starts data later in the week. Additionally, Lennar, Kroger, Darden Restaurants, and CarMax are slated to report their quarterly earnings.
Original Article: https://www.cnbc.com/2024/06/16/stock-market-today-live-updates.html
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