Stock futures fall slightly on Sunday evening with Wall Street riding a four-week winning streak
Stock futures dipped on Sunday evening as Wall Street looks to build on four straight positive weeks for the equity market.
Futures for the Dow Jones Industrial Average ticked down 29 points, or less than 0.2%. Futures for the S&P 500 and Nasdaq 100 slipped 0.1% and 0.2%, respectively.
Wall Street is coming off the fourth-straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.
The rally has come despite warnings from some U.S. retailers that consumer spending is weakening . Traders will be looking for updates about the start of the holiday shopping season after Black Friday.
’s newsletters.Weak spending data could suggest that the Federal Reserve's rate hikes are finally starting to weigh on the broader economy.
"The New York Fed's latest household survey shows that a record-high share of consumers are saying that it is much harder to obtain credit ... This is what the textbook would have predicted. When the Fed raises interest rates it becomes more difficult for consumers to borrow," Torsten Slok, Apollo Global Management chief economist, said in a note to clients on Sunday.
The week ahead is also a busy one for economic indicators and Fed commentary. On Monday, new home sales and the latest Dallas Fed Manufacturing Survey are due out. Readings for consumer confidence and inflation follow later in the week.
Futures open slightly lower
U.S. stock futures were modestly lower on Sunday evening.
Shortly after 6 p.m. ET, futures for the Nasdaq 100 were down about 0.2%. Futures for the S&P 500 and Dow Jones Industrial Average were off by about 0.1% each.
— Jesse Pound
Last week by the numbers
Wall Street was broadly higher during the shortened Thanksgiving trading week. Here are the numbers for the major averages:
— Jesse Pound, Christopher Hayes