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Stock market today: US futures stay put ahead of huge week on Wall Street
US stocks were little changed on Monday as investors braced for a Federal Reserve policy decision and key inflation data in the week ahead, with Nvidia (NVDA) and Apple (AAPL) events in immediate focus.
Dow Jones Industrial Average futures (YM=F) pulled back 0.1%, coming off a muted end to a winning week for the three major gauges. Futures on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) hovered below the flatline.
Stocks are treading water after signs of strength in a mixed May nonfarm payrolls report reinforced bets that the Fed will keep interest rates at a two-decade high for longer. Trader expectations for a cut in September have fallen, while those for November have risen, according to the CME FedWatch tool.
Read more: How does the labor market affect inflation?
Investors are now looking ahead to the Fed’s next rate decision and May’s Consumer Price Index inflation reading, both due on Wednesday, that will provide another big test for stocks.
In the meantime, eyes are on Nvidia’s (NVDA) stock split and a key Apple (AAPL) event as catalysts for stocks on Monday.
Wall Street expects trading in Nvidia to be volatile in the wake of the 10-for-1 split as retail buyers flood in. Some strategists are calling the move a “generational opportunity.”
Monday also brings the first day of Apple’s most highly anticipated developers conference in years, where CEO Tim Cook is expected to reveal a big push into AI to catch up with rivals.
Elsewhere, investors kept a watchful eye on potential fallout from political upsets in Europe. France’s President Macron called a snap national election after a trouncing from the far right in Sunday’s EU-wide vote, while Germany’s leader also suffered a crushing defeat. The euro (EUR-USD=X) slumped to its lowest level in a month, while the Paris stock index (^FCHI) sank around 2%.
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