Stock futures were flat Monday after the market suffered a pullback last week as 2024′s rally took a breather. Futures tied to the Dow Jones Industrial Average added 65 points, or 0.2%. S&P 500 futures rose 0.2%, while Nasdaq-100 futures gained 0.3%. The 30-stock Dow fell 2.3% last week, posting its worst weekly performance March 2023. The S&P 500 declined nearly 1% during the period, its biggest weekly loss since early January. The tech-heavy Nasdaq Composite dipped 0.8%, suffering its fourth negative week in five. The market did end last week on a positive note, however, after a stronger-than-expected jobs report Friday. The surprising gain in payrolls gave investors hope that a strong economy could continue to support corporate earnings growth, even if it means higher interest rates for longer. “Jobs and wages are rising solidly and aggregate payrolls are outpacing inflation, which will keep Americans spending in 2024 and powering the economy forward,” said Bill Adams, chief economist at Comerica Bank. For further clarity on how successful the Federal Reserve’s fight against inflation has been, investors are eagerly waiting for readings for March consumer and producer price indexes later this week. Economists polled by Dow Jones expect the CPI number, scheduled for released Wednesday morning, to increase 0.3% last month and 3.5% year over year. “The Fed seems unbothered by robust employment gains. … Inflation though is a bigger issue, and it’s imperative that the March price data (CPI, PPI, PCE) show the disinflationary process getting back on track,” Adam Crisafulli, founder of Vital Knowledge, said in a note. Investors are also grappling with rising bond yields and oil prices. The benchmark 10-year Treasury yield surged nearly 20 basis points to last week to about 4.4%. U.S. crude oil touched $87 amid geopolitical tensions. U.S. Treasury yields were higher on Monday as investors digested Friday’s jobs report and looked ahead to key data slated for the week that could provide hints about the outlook for interest rates. At 8:34 a.m. ET, the yield on the 10-year Treasury was 8 basis points higher to 4.456%, trading around its highest level so far this year. The 2-year Treasury yield was last at 4.786% after rising by five basis points. Asia-Pacific markets were largely up ahead of central bank decisions this week, with investors also awaiting inflation numbers from the U.S. and China. The Bank of Korea, the Reserve Bank of New Zealand, the Bank of Thailand and the central bank of the Philippines have their monetary policy meetings scheduled this week. Japan’s Nikkei 225 rebounded to cross the 39,000 mark, gaining 0.91% to close at 39,347.04, while the broad-based Topix rose 0.95%, ending at 2,728.32. South Korea’s Kospi gained 0.13% to 2,717.65, but the small-cap Kosdaq saw a loss of 1.34% and stood at 860.57. In Australia, the S&P/ASX 200 advanced 0.16% to finish at 7,785.4. Hong Kong’s Hang Seng index traded close to the flatline, while the mainland Chinese CSI 300 was lower by 0.88% as trading resumed after a public holiday, and closed at 3,536.4. U.S. crude oil futures fell on Monday as the market waited for Iran to retaliate against Israel over a missile strike against the Islamic Republic’s consulate in Damascus. The West Texas Intermediate contract for May delivery fell 60 cents, or 0.69%, to $86.31 a barrel. The June Brent contract lost 68 cents, 0.71%, to $90.96 a barrel. Gold prices rose on Monday to hit a record peak for the seventh consecutive session, a move that analysts anticipate could be driven by strong official sector demand from Asia, despite traditional headwinds from a stronger U.S. dollar and elevated interest rates. Spot gold was up 0.3% at $2,335.70 per ounce as of 1002 GMT, after hitting a record high of $2,353.79 earlier in the session. U.S. gold futures gained 0.4% to $2,354.70.
Roodeweg 222, Willemstad, Curaçao