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US stock futures headed lower in premarket trading following last week’s declines.
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Gold continues to hover close to a record high.
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Investors await inflation data Tuesday for clues about the timing of the Fed’s interest rate cuts.
US stocks looked set to open lower on Monday, continuing the downward streak that hit all three main indexes last week.
Futures for the S&P 500 and Nasdaq 100 futures declined by 0.2% and 0.14% respectively about 6 a.m. ET. Futures for the Dow Jones Industrial Average, which is coming off its worst week since October, were 0.35% lower.
London’s blue-chip FTSE 100 index is down 0.34% in morning trading.
The US dollar index, the gauge that tracks the greenback’s strength against other major currencies, dipped marginally. The index is on its longest downward streak for almost four years.
Gold prices remained steady and close to record highs after a surge last week saw the price hit $2,160 an ounce. As gold offers no yield, it’s more attractive to investors when bond and cash returns weaken.
Friday’s jobs data offered mixed messages. The number of jobs added in February was higher than expected, but unemployment rose to a two-year high of 3.9%, up from 3.7%.
The conflicting data gave investors little insight as to when the Federal Reserve could start cutting interest rates.
Consumer prices index data on Tuesday will shape the narrative for markets this week. If the CPI rises more than expected, hopes for an imminent interest rate cut could be dashed.
Software company Oracle is set to report earnings Monday after the bell.
Read the original article on Business Insider