Stock futures are little changed as traders look ahead to more economic data

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, September 6, 2022.

Brendan McDermid | Reuters

U.S. stock futures were little changed Sunday night as investors await more economic data ahead of the Federal Reserve’s December meeting.

Dow Jones Industrial Average futures fell 35 points, or 0.1%. S&P 500 and Nasdaq 100 futures fell 0.15% and 0.12% respectively.

On Friday, the major averages closed little change after rebounding from earlier losses. The Dow Jones Industrial Average added about 35 points, or 0.1% more. The S&P 500 fell 0.1%, while the Nasdaq Composite fell 0.2%. All three indices recorded their second consecutive positive week.

A strong November jobs report released on Friday initially weighed on stocks, but traders brushed off those worries ahead of small rate hikes from the Fed perhaps starting with the orientation meeting on December 13 and 14. Investors expect a potentially light week on catalysts ahead of this meeting.

“One of the things that concerns us is that even if inflation goes down from here, the cost of going from, say, a 4% inflation rate to 2% becomes more and more This would likely result in a significant jolt to business and the labor market,” Baird’s Nicholas Bohnsack said in a Friday note.

“Ultimately, we believe they will slow the pace at which they increase rates and then take a long time to observe the landscape and the impact that might have,” Bohnsack added.

On the economic front, investors await ISM services data for November at 10 a.m. ET Monday. Economists polled by the Dow Jones expect a reading of 53.7.

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