Stock futures on Sunday evening pointed to a slight dip as Wall Street aims to extend four consecutive weeks of positive gains for the equity market. The Dow Jones Industrial Average futures slipped 38 points, or 0.1%, while the S&P 500 and Nasdaq 100 futures both decreased by about 0.2%.
Despite warnings from some U.S. retailers about weakening consumer spending, all three major averages had a winning week, rallying since the 10-year Treasury yield briefly topped 5% in late October. Traders are keeping an eye on updates about the start of the holiday shopping season after Black Friday, with weak spending data potentially indicating that the Federal Reserve’s rate hikes are beginning to impact the broader economy.
According to Torsten Slok, Apollo Global Management chief economist, the New York Fed’s latest household survey shows that a record-high share of consumers are finding it much harder to obtain credit, in line with the textbook prediction that it becomes more difficult for consumers to borrow when the Fed raises interest rates.
The upcoming week will be busy with economic indicators and Fed commentary. New home sales and the latest Dallas Fed Manufacturing Survey are due on Monday, while readings for consumer confidence and inflation will follow later in the week.
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