Stock futures traded lower Monday after the S&P 500 posted its biggest weekly gain in almost five months on the back of easing inflation data.
Dow Jones Industrial Average futures fell 88 points, or 0.3%. S&P 500 futures declined 0.4%, and Nasdaq 100 futures slid by 0.7%.
The S&P 500 rallied 5.9% last week for its best week since June. Investors cheered a lighter-than-expected inflation reading, betting that the Federal Reserve would soon slow its aggressive tightening campaign.
“A notable shift has occurred in the market, with investors increasingly risk-on across asset classes,” said Mark Hackett, Nationwide’s chief of investment research. “Technical indicators have improved dramatically, with investor sentiment, momentum, breadth, and risk factors all showing notable improvement.”
The tech-heavy Nasdaq Composite gained 8.1% last week for its best week since March, while the blue-chip Dow advanced 4.2%.
The Cboe Volatility Index,…