Stock futures traded little in overnight trading, as Wall Street prepared for a busy earnings report day.
Futures linked to the Dow Jones Industrial Average fell 21 points or 0.06%, while S&P-500 futures and Nasdaq 100 futures declined 0.1% and 0.15% respectively.
The stock market is coming off of a session in which the Dow Jones Industrial Average rose for the sixth consecutive day, gaining 76.32 point, or 0.22%. This was the highest closing price this year. The S&P500 and Nasdaq Composite both rose by 0.39% and 0.933% respectively.
Utilities, down 1.18%, were the worst performing sector, with six of the eleven major S&P sectors. AT&T also fell 6.7%, reaching its lowest level since 1993. The move followed a downgrade by Citi after an investigation conducted by The Wall Street Journal linked the telecom firm to the use of toxic lead cables.
Wall Street is in for a busy earnings day on Tuesday. Bank of America will be reporting, as well as Morgan Stanley, Bank of New York Mellon, and PNC Financial. Lockheed Martin's and J.B. Hunt's earnings are expected.
Recent inflation data has boosted the argument for a softer landing scenario among investors. Stocks have continued their rally this year. But some skepticism lingers.
Liz Young, SoFi's CEO, said on CNBC's Closing Bell that "I don’t think we’re in a good spot." If we were in a good spot, you wouldn't see those negative indicators and even some of the concomitant indicators.
The retail sales data and the industrial production figures for June will be released on Tuesday.