Stock Futures Flat as Market Enters Last Week of June Near Record

Stock futures were mixed on Monday as the market approaches the last week of June and the first half of 2024 near record highs. $Nasdaq Composite Index(.IXIC.US)$ and $S&P 500 Index(.SPX.US)$ futures were little changed, while $Dow Jones Industrial Average(.DJI.US)$ futures dipped 0.13%.

The S&P 500 reached an intraday record of 5,505.53 on Thursday and gained 0.6% last week, marking its eighth positive week in nine. Signs of market exhaustion are appearing, particularly with $NVIDIA(NVDA.US)$ 's recent sell-off.

Nvidia fell 4% last week after two declines of over 3%, briefly surpassing $Microsoft(MSFT.US)$ as the most valuable U.S. company before dropping back. Analysts suggest caution due to the rapid stock movement, despite strong fundamentals.

AI enthusiasm has significantly boosted the market this year, with the S&P 500 up almost 15% and achieving 31 record closes. Investors are adjusting to changing expectations for rate cuts and a slowing economy.

Key data to watch includes May’s personal consumption expenditure data, the Federal Reserve’s preferred inflation gauge, set for release on Friday. Key company earnings this week include $FedEx(FDX.US)$ , $Micron Technology(MU.US)$ , $Walgreens Boots Alliance(WBA.US)$ , and $Nike(NKE.US)$ .