Stock index futures fell on Monday after Wall Street posted its biggest weekly gains this year.
Investors are now closely watching Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole later this week.
S&P500 futures contracts (SPX) -0.1%Nasdaq 100 Futures (US100:IN) -0.2% and Dow futures (INDU) -0.1%.
The yield on the 10-year Treasury bond (US10Y) remained unchanged at 3.88%. The yield on the 2-year Treasury bond (US2Y) remained at 4.06%.
Wall Street’s major stock averages ended higher on Friday as investors shrugged off negative housing data and moved into economic recovery mode.
“This week, investors will focus on the Jackson Hole Economic Symposium, which will run from Thursday evening to Saturday. Markets are approaching the event in a much better mood than they seemed to be two weeks ago, as the extreme volatility seen in early August seems to be a distant memory,” said Peter Sidorov of Deutsche Bank.
The Kansas City Fed is hosting its annual Economic Policy Symposium. A key event will be Powell’s speech on Friday, which is expected to set the stage for a rate cut in September.
Investors will be closely monitoring signals about the timing and pace of interest rate cuts, especially those emerging from Powell’s speech, Sidorov added.
On the economic front, e-commerce retail sales and July leading indicators are expected during market hours. The latter is expected to be -0.4% month-on-month.
