Stock futures held flat Sunday evening as investors weighed elevated Treasury yields against a lackluster jobs report, with the Dow, S&P 500 and Nasdaq all closing higher on Friday. Markets now turn to Wednesday's Federal Reserve meeting minutes for direction on interest rates, while earnings season opens next week with JPMorgan's results.
Futures tread water ahead of Fed minutes
Stock futures were little changed Sunday evening as investors remained frustrated by elevated Treasury yields and awaited minutes from the Federal Reserve's latest meeting for clues about the central bank's next move on rates.
Futures tied to the Dow Jones Industrial Average added 53 points, or 0.1%, while S&P 500 futures and Nasdaq-100 futures each rose 0.1%.
Friday's rally capped the week
The Dow added 250 points, or 0.5%, to close at 51,176.46 on Friday, while the S&P 500 climbed 0.7% to 7,722.72. The tech-heavy Nasdaq Composite rallied 1.2% to 27,190.86, hitting an all-time high intraday.
Those gains capped a week defined by surging Treasury yields and a surprisingly lackluster jobs report that helped ease concerns about another rate hike this month. Still, the 10-year yield climbed to its highest level in more than two decades, raising concerns that higher borrowing costs could weigh on stocks even if the Fed holds rates steady. Tech stocks led Friday's advance, with Nvidia hitting an all-time high intraday as the Nasdaq notched a record.
A light calendar before earnings season
Gary Schlossberg, global strategist for Wells Fargo Investment Institute, said investors will be watching geopolitical and market developments before earnings season gets underway, given the thin economic calendar ahead.
On Monday, investors will be watching the Institute for Supply Management's services activity report. Also on the calendar are minutes from the Fed's September meeting on Wednesday and the University of Michigan's preliminary October consumer sentiment reading, due Friday. Still on deck this week are earnings from Constellation Brands, Levi Strauss, PepsiCo, Delta Air Lines and others, ahead of JPMorgan's results on October 13.
Source: CNBC
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