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U.S. equity futures edged higher on Monday, suggesting the major indices will kick off the week as investors wait for data on the U.S. manufacturing and services sectors.
S&P 500-linked futures rose 0.3%, pointing to the broad market index extending Friday’s 0.8% gain. Futures on the Nasdaq-100 also rose 0.3%, indicating a modest rise in tech stocks after the opening bell.
Investors are largely focused on the Federal Reserve’s annual economic policy symposium later this week, awaiting further clues as to when policymakers may slow down bond buying. At the same time, growing concerns that high levels of Covid-19 infection could slow the global economic recovery pushed inventories down last week. Dallas Fed Chairman Rob Kaplan said on Friday he might rethink his call to start cutting asset purchases soon if the Delta variant weighs on growth.
“If there is any sign that the US economy is slowing, the Fed will not shrink,” said Michael Hewson, chief market analyst at CMC Markets. “There is a long road between charting a path towards reduction and actually doing it. “
In pre-market exchanges, shares of rideshare companies declined after a California judge said a move to continue to treat their drivers as independent contractors rather than employees is unconstitutional. Uber Technologies fell almost 6% and Lyft more than 4%.
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