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U.S. stock futures rose on Monday, while the dollar fell against global peers, as investors awaited a key inflation reading tomorrow after last week's subdued February jobs report.
stocks closed lower on Friday, boosted by a sharp drop in technology stocks amid a big intraday move by artificial intelligence chip maker Nvidia. (NVDA) . The broader weakness came despite a February jobs report that suggested solid gains in hiring in the face of fading wage growth.
The overall reading, seen as an indicator of the potential for a soft landing for the economy later this year, fueled bets on an interest rate cut by the Federal Reserve in early spring and lower bond yields. Treasury, but failed to support stocks at the close. of the session.
The market's macro focus is likely to shift this week to Tuesday's February inflation report. This is expected to show a further slowdown in the closely watched core reading, while indicating little change overall from the 3.1% pace recorded in January.
Benchmark 10-year Treasury yields eased modestly at the start of the New York session, with an eye on both Tuesday's inflation data and a $39 billion auction of new paper scheduled for Thursday. 1:00 pm Eastern Time that same day.
Meanwhile, the US dollar index fell 0.01% against a basket of global peers to 102.699, the lowest since mid-January.
Wall Street will navigate only a handful of results this week as the S&P 500 earnings season comes to a close. Updates expected from database management giant Oracle (ORCL) after the closing bell and retailer Kohl's (K.S.S.) Lennar home builder (LEN) and the stalwart of Adobe graphics software (ADBE) Later in the week.
With 494 of the benchmark's 500 companies reporting so far, collective fourth-quarter profits are estimated to rise 10% from a year ago to $476.1 billion, according to LSEG data.
However, that growth rate is likely to slow sharply, to around 5.3% during the current quarter, leading to stock-weighted earnings of around $459.8 billion.
With this week's data in hand and a quiet data session ahead, stocks are headed for a mixed open. Futures contracts tied to the S&P 500, which is up 7.47% for the year, indicate an opening gain of 3 points.
Meanwhile, futures tied to the Dow Jones Industrial Average are priced for a 50-point drop, while those tied to the tech-focused Nasdaq indicate a 30-point rise.
In Europe, stocks fell in early trading in Frankfurt, with the benchmark Stoxx 600 index falling 0.44%, while Britain's FTSE 100 fell 0.43% in London.
Overnight in Asia, data showing a better-than-expected revision to fourth-quarter GDP in Japan, effectively indicating the country avoided technical recession, fueled bets on a Bank of Japan rate move. The report caused the Nikkei 225 to fall 2.19% to 38,820.49 points.
Meanwhile, the MSCI regional index for Asia excluding Japan fell 0.13% at the end of the day.
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