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Stock futures are flat after S&P 500 breaks a 5-week winning streak

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Trader working on the New York Stock Exchange’s floor, November 8th 2021.

Brendan McDermid | Reuters

U.S. stock futures were steady in overnight trading on Sunday as investors prepared to start the week after the S&P 500 broke a five-week winning streak.

Dow futures rose by 40 points. S&P 500 futures gained 0.15% and Nasdaq 100 futures rose 0.14%.

Stocks have rebounded from a loss week following last month’s consumer price index made its largest annual increase in more than three decades. A five-week win streak was broken by the major averages.

The CPI rose 6.2% in October compared to a year earlier, which is well over the estimate of Dow Jones economists who had put it at 5.9%. This index tracks a range of consumer goods and saw 0.9% increase month over month, which was also higher than anticipated.

The Dow Jones Industrial Average dipped 0.6% and the S&P 500 eased 0.3% last week. Nasdaq Composite, a tech-focused stock exchange, was the worst performer. The market’s growth pockets were impacted by rising bond yields.

Treasury yields rose as investors believed that the Federal Reserve would have to increase interest rates faster than they expected in order to curb inflation.

Another report on denting sentiment included a mention that workers left their jobs in record numbers in SeptemberAccording to the Labor Department, 4.43 Million people left, Friday’s report. This was because there were 10.44 million job openings in the U.S. that month. According to the report.

The major averages still remain at record levels. The Dow is only 1.3% below its all time high. The S&P 500 and Nasdaq sit 0.8% and 1.2%, respectively, away from their records.

Investors will focus on Tuesday’s retail sales report as well as earnings from several retailers. this week. Walmart and Home Depot release results on Tuesday,And Target and Lowe’s report on Wednesday.

On Monday, President Joe Biden will host a bipartisan bill signing ceremony for the bipartisan Infrastructure InvestmentAnd Jobs Act.

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