- Checked the stock futures below On Sunday night, the S&P 500’s recent rally brought it within 2.4% of its all-time high range in February before President Donald Trump’s trade war destroyed the market. It comes before a big week.
US stock futures were noted on Sunday night before a big week highlighted by US-China trade talks and fresh inflation data.
Friday’s strong employment report added more fuel to the rally that raised the S&P 500 to within 2.4% of its all-time high in February before President Donald Trump’s trade war subsided.
Dow Jones’ industrial average futures fell 44 points or 0.10%. S&P 500 futures slipped 0.15%, while Nasdaq futures eased 0.23%. Tesla stocks may see the more downside after Trump said his relationship with CEO Elon Musk has ended.
The 10th Treasury yield fell to 4.506% for less than one basis point. The dollar fell 0.11% against the euro and 0.15% against the yen.
Wall Street may not respond to Trump sending the National Guard to Los Angeles, but his overall immigration crackdown represents a labor-support shock to the economy that has an impact on the dollar.
Gold was soaked at 0.28% at $3,337.20 per ounce. US oil prices rose 0.08% to $64.63 per barrel, while Brent crude rose 0.05% to $66.50.
On Monday, US and Chinese officials will meet in London and begin another round of trade talks after agreeing to suspend their exorbitant high tariffs in Geneva last month.
Since its breaking out in the trade war, both sides have denounced other abolitions of their transactions. For the US, a key fixed point was the availability of rare earths, which is controlled by China and is important for the automotive, technology and defense sectors.
Kevin Hassett, director of the National Economic Council, heard on Sunday that it was cheerful that London consultations could lead to a resolution.
“It’s very pleasant to see this deal close,” he told CBS News.
Meanwhile, the Federal Reserve will be paid for new inflation data as the Federal Reserve remains in standby mode to assess how much Trump’s tariffs are moving needles to prices.
The employment report, which exceeded Friday’s forecast, eased fears about the recession and put pressure from the Fed to cut fees to support the economy. In other words, any rate reduction may have to come as a result of cooler inflation.
The Labor Bureau will release its monthly consumer price index on Wednesday and producer price index on Thursday.
Also, on Wednesday, the Treasury will issue monthly budget updates, providing clues as to how much debt the federal government is issuing amid concerns about the supply and demand of bonds.
This story was originally featured on Fortune.com.
