The Dow Jones futures fell on Monday morning as Wall Street awaited the consumer price index (CPI) inflation report scheduled for Tuesday. At the same time, artificial intelligence leader Monday.com (MNDY) experienced a sharp decline after reporting its fourth-quarter results. Similarly, technology giant Nvidia continued to climb, a day after surging 3.6% to set a new high, while Tesla continued to rebound after hitting its lowest level since May 2023.
Before the opening bell, the Dow Jones futures and S&P 500 futures both dropped slightly by 0.1%. The tech-heavy Nasdaq 100 futures also edged lower in morning action. However, among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) marginally stayed above the break-even point, while the SPDR S&P 500 ETF (SPY) hovered around that point.
The week’s economic highlight is the January consumer price index (CPI) report, which economists expect to be up by 0.2% on the month, lowering the 12-month headline inflation rate to 2.9% from 3.4%. Moreover, retail sales for January are projected to decline by 0.1% due to lower auto sales. As for earnings, the upcoming week is expected to have key reports from companies such as Applied Materials, Deere, Occidental Petroleum, and Roku. These factors combined led to a mixed opening to the stock market for the week.