This week, key economic data will be released, including the Bureau of Labor Statistics’ May consumer and producer price inflation reports, the weekly jobless claims, and the University of Michigan’s preliminary consumer sentiment index for June.

U.S. stock futures pointed to a nervy start in the new week, as traders turned cautious after the previous week’s substantial gains. After the U.S.-China trade talks hit a rough patch, the two sides will return to the negotiating table in London this week to resolve tensions around rare-earth minerals.

The release of some key economic data will also likely keep traders on tenterhooks.

As of 10:51 p.m. ET, the Nasdaq 100 futures slid 0.27%, while the S&P 500 and Nasdaq 100 futures fell 0.20% and 0.14%, respectively. On the other hand, the Russell 2000 Index was little changed.

Crude oil futures traded little above the $64.5 level in the Asian session after posting gains last week, while gold futures fell moderately. 

The benchmark U.S. 10-year Treasury note yield, which spiked past 4.50% on Friday following the strong May non-farm payrolls report, edged below the level.

The U.S. dollar continued to be firm against its major global counterparts.

Most Asian markets traded higher, led by Japanese stocks.

A few key economic data will be released this week, including the Bureau of Labor Statistics’ May consumer and producer price inflation reports, the weekly jobless claims, and the University of Michigan’s preliminary consumer sentiment index for June.

The Commerce Department is scheduled to release the wholesale inventories report for April at 10 a.m. ET on Monday. Economists, on average, expect wholesale inventories to remain unchanged from the previous month, when they rose 0.4%.

Casey’s General (CASY) is scheduled to report its quarterly results after the market closes on Monday.

Ryan Detrick, Chief Investment Strategist at Carson Research, expects the market to touch new highs soon. In a post on X, the strategist said the S&P 500 consolidated above the 40-week moving average. This is “textbook to me and suggests new highs won't be far away,” he said.

“But again, the U.S. is simply following the rest of the globe that is already breaking out to new highs and is in a major global bull market.”

The S&P 500 Index ended Friday’s session at 6,000.36, with the index’s all-time intraday and closing high at 6,147.43 and 6,144.15, respectively.

Stocks advanced in the week that ended June 6, with the positive sentiment underpinned by the May jobs data and strong gains in tech stocks, especially those levered to artificial intelligence (AI) technology.

The Invesco QQQ Trust (QQQ) ETF rallied 2.1% in the week ended June 6, while the SPDR S&P 500 ETF (SPY) rallied 1.7%.

The SPDR Dow Jones Industrial Average ETF Trust (DIA) and the iShares Russell 2000 ETF (IWM) gained 1.3% and 3.3%, respectively. 

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