Stock futures were little changed on Monday evening as Wall Street looks to see if the market rally can power through another round of inflation data.
Futures tied to the Dow Jones Industrial Average ticked up 2 points, or less than 0.1%. S&P 500 futures and Nasdaq 100 futures were each down less than 0.1%.
The moves come after stocks rose modestly on Monday, a sign that the end-of-year rally still has momentum. The S&P 500 closed at its highest level since March 2022, while the 30-stock Dow settled at its highest point since January 2022.
The Dow, S&P 500 and Nasdaq Composite are all riding three-day winning streaks and have six consecutive weeks of gains.
Tuesday could put some of the investor optimism to the test, with the November consumer price index due out before the bell. The Federal Reserve’s final meeting of the year also kicks off on Tuesday.
“The recent rally is based on hopes that a Goldilocks-type scenario lies ahead. Specifically, this would include softer economic growth (but no recession) and a substantial number of Fed rate cuts due to a continued sharp fall in inflation. Unfortunately, we believe much of the good news is discounted,” Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute, said in a note to clients Monday.
Earnings news could also weigh on stocks on Tuesday. Shares of tech giant Oracle were down 7% in extended trading after the company’s revenue for the fiscal second quarter missed Wall Street expectations.