Stock market today: Live updates

Stock market today: Live updates

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on June 14, 2023 in Washington, DC.

Drew Angerer | Getty Images News | Getty Images

Stock futures were little changed Monday as investors prepared for a slate of inflation data later in the week and braced for the start of the second-quarter earnings season.

Futures tied to the Dow Jones Industrial Average rose just 9 points, or 0.03%. Nasdaq-100 futures ticked down 0.17%, while S&P 500 futures traded 0.07% lower.

This week’s inflation data follows a rate hike skip at the June Federal Open Market Committee meeting. The consumer price index report is due out Wednesday, followed by the producer price index — a measure of wholesale price pressures — due Thursday.

Wall Street is coming off a losing week. The S&P 500 pulled back 1.16%, while the Nasdaq Composite and Dow Jones Industrial Average fell 0.92% and 1.96%, respectively.

Despite nonfarm payrolls growing less than expected in June, slightly stronger-than-expected wage growth raised concern over the potential for more Federal Reserve rate hikes.

Investors also have a slew of quarterly earnings reports to consider this week. Finance behemoths BlackRock, JPMorgan Chase, Wells Fargo and Citi will all report and kick off the second-quarter earnings season.

“We believe S&P 500 earnings will face significant pressure during the rest of the year and enter an earnings recession,” Morgan Stanley analyst Edward Stanley wrote in a Sunday note to investors. “The reason is negative operating leverage — when cost growth exceeds sales growth, earnings growth takes a steep hit.”

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