US pre-open: Futures in the green after S&P 500 snaps five-week winning streak

Wall Street stocks were in the green ahead of the bell on Monday after a steep increase in last month’s consumer price index dragged stocks into the red last week.

As of 1220 GMT, Dow Jones futures were up 0.28%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.22% and 0.23% stronger, respectively.

The Dow Jones closed 179.08 points higher on Friday, while the S&P 500 broke a more than a month-long winning streak.

Monday will likely be a fairly uneventful day on the Street, with holding out for retail sales data on Tuesday and new construction starts and building permits on Wednesday.

On the macro front, November’s New York Empire State manufacturing index will be published at 1330 GMT, while investors will also be looking at President Joe Biden’s bill signing ceremony for the bipartisan Infrastructure Investment and Jobs Act.

No major corporate earnings were slated for release on Monday but investors will be looking out for results from several major retailers later in the week, with Walmart, Home Depot, Target and Lowe’s all reporting throughout the course of the week.

AvaTrade‘s Naeem Aslam said: “Traders will also continue to focus on the ongoing earnings season this week, and focus will be on some major retail giants such as Walmart, Target, Home Depot a few more. A large number of them will be reporting their earnings tomorrow and the hope is to see a strong number.

“At the same time, traders will be paying close attention to their supply chain bottleneck issues. Remember, it is the constraint on the supply chain which has pushed the prices of everyday things through the roof.”