US stock futures were slightly higher in early morning trading on Monday, as investors prepared to start the week after the S&P 500 ended a five-week winning streak.
Dow futures increased by 147 points. Futures on the S&P 500 and the Nasdaq 100 were up about 0.3 percent and 0.4 percent, respectively.
ExxonMobil’s stock fell nearly 1% in premarket trading as West Texas Intermediate oil futures fell more than 1% to just under $80 per barrel.
During the 2021 Dubai Airshow, Emirates announced an order for two Boeing 777 Freighters. Dollar Tree shares rose 7% in premarket trading on Friday after.
Following the consumer price index’s most significant annual increase in more than three decades last month, stocks have had a losing week. The major averages had a five-week winning streak snapped.
Last week, markets digested a slew of economic data that revealed that inflation was rising faster than expected. Moreover, workers continued to leave their jobs in search of better opportunities.
Positive offsets to the current waves of inflation hitting the US economy at this time are likely to emerge as the effects of what may have been overstimulation of the economy during the pandemic fade. Investors will get a look at how much consumers are spending this week when retail sales data is released on Tuesday, followed by housing data on Wednesday, which includes new construction starts and building permits. The Federal Reserve will also have a busy week, with multiple officials scheduled to speak throughout the week.
In addition, the Labor Department reported that a record 4.4 million workers left their jobs in September. They did this presumably in the hope of finding something better.
Investors and denting sentiment
Another blow to sentiment was the Labor Department’s report on Friday. Its workers quit in record numbers in September, with 4.43 million people leaving their jobs. According to the report, the exodus occurred while the United States had 10.44 million job openings that month.
The Dow has fallen 1.3 percent from its all-time high. The S&aP 500 and Nasdaq are 0.8 percent and 1.2 percent off their all-time highs, respectively.
This week, investors will be paying close attention to Tuesday’s retail sales report as well as the earnings of several major retailers.