Stock futures are little changed after a record week for the S&P 500: Live updates

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 6, 2024. 

Brendan McDermid | Reuters

U.S. stock futures hovered near the flatline early Monday following a record-setting week for the S&P 500.

Futures tied to the 500-stock benchmark were flat. Dow Jones Industrial Average futures slipped 30 points, or 0.1%, while Nasdaq 100 futures traded about 0.1% higher.

On Friday, the S&P 500 rose 0.57% to close above 5,000 for the first time, while the tech-heavy Nasdaq Composite added 1.25%. On the other hand, the Dow Jones Industrial Average ended the session slightly lower.

The major averages are coming off their fifth straight week of gains. The S&P 500 and Nasdaq Composite added 1.4% and 2.3%, respectively. The Dow edged fractionally higher.

“But the rally [to fresh record highs] was still relatively concentrated,” Deutsche Bank strategist Jim Reid wrote. “The equal-weighted S&P 500 increased a more modest +0.47% (+0.15% on Friday) and it was the IT sector (+1.50% in the S&P), including the Magnificent Seven (+2.98%), that drove last week’s rally again.”

Some 61 names in the S&P 500 are set to report earnings in the week ahead, including gig economy stocks Lyft, Instacart and DoorDash. Companies such as AutoNation, Kraft Heinz, Hasbro and Coca-Cola will also shed light on the state of the U.S. consumer.

Traders will also watch out for the latest level on the consumer price index — or CPI, a key inflationary gauge — set to be released on Tuesday morning. More key economic data is expected on Thursday and Friday, including January’s reading on retail sales, production, imports and exports, housing starts and the producer price index, or PPI.

“CPI and PPI should print in line, but still be bullish,” Infrastructure Capital Advisors’ Jay Hatfield told CNBC. “We think that the market will continue to rally for the next week or two, and then maybe stall out as we wait for this inflation data to continue to come out.”

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