U.S. stock futures are little changed with the S&P 500 at a record high

U.S. stock futures were steady in early morning trading Monday as investors digested the S&P 500′s record level heading into a week with a key Federal Reserve meeting. Dow futures rose 18 points. S&P 500 futures and Nasdaq 100 futures both traded in mildly positive territory. The Fed’s two-day policy meeting will likely dominate investor behavior this week. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets.

Fed Chairman Jerome Powell speaks to the press after the central bank issues its statement at 2 p.m. ET on Wednesday. He is expected to affirm the Fed’s commitment to easy policy. However, concerns over inflation and how the Fed could react is likely to influence market direction, especially after a hotter-than-expected consumer inflation reading for May was reported last Thursday. U.S. stocks ended last week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names.

Last week, the 30-stock Dow Jones Industrial Average fell 0.8%, but the S&P 500 rose 0.4%, for its third straight positive week. The Nasdaq Composite was the outperformer with a gain of nearly 1.9%, posting its fourth winning week in a row as the tech trade came back into favor. Investors are giving growth stocks another chance as bond yields come down. The 10-year Treasury went below 1.43% on Friday, a three-month low. Cathie Wood’s Ark Innovation, an ETF that focuses on disruptive technology, returned about 6% last week.

U.S. stock futures are little changed with the S&P 500 at a record high, CNBC, Jun 14