Traders on the floor of the NYSE, April 5, 2022.
Source: NYSE
Stock futures were mostly flat on Sunday night as Wall Street looked set to bounce off a losing week.
Futures tied to the Dow Jones Industrial Average fell 16 points, or less than 0.1%. The S&P 500 index also fell less than 0.1%, while Nasdaq 100 futures rose 0.1%.
Wall Street is experiencing a negative week, with the tech sector being a source of concern. The tech-heavy Nasdaq Composite fell 3.9% last week, while the S&P 500 and Dow fell 1.3% and 0.3%, respectively.
The medical sector was the bright spot, up more than 3%.
The fight against inflation is likely to be the driving force behind the market this week. Investors will get a look at the fresh data, with the consumer price index for March due out on Tuesday and the producer price index to follow on Wednesday.
Cleveland Fed President Loretta Meester told CBS “Face the Nation” on Sunday that she still believes the Fed can control inflation without causing major damage to the economy.
“If you look at risk, given what’s going on in the world and in the economy, the risk goes up. [of recession]”, she speaks.” But I’m still optimistic, and certainly my methodical forecast of what’s coming this year is that the expansion will continue. “
Meester added that the Covid lockdown in China would “exacerbate” supply chain problems that are contributing to inflation in the US.
Investors will also keep an eye out developed in Ukraine. Russia’s invasion of the country caused volatility in the markets for oil and other commodities, which in turn rattled reserves.
This weekend, first-quarter earnings season should hit its stride, with JPMorgan Chase and Delta reporting results Wednesday morning.
