Monday’s stock futures declined as Wall Street attempted to build on the equity market’s four consecutive weeks of gains.
The Dow Jones Industrial Average futures decreased 45 points, or 0.13%, on the day. S&P 500 futures declined by 0.16%, while Nasdaq 100 futures saw a 0.17% decline.
The 10-year Treasury yield has declined from the 5% level it briefly surpassed in late October, and Wall Street is coming off its fourth consecutive week of gains for all three major indexes.
Even while some American shops have warned that consumer spending is slowing down, the rally has continued. After Black Friday, traders will be watching for news on when the holiday shopping season officially begins.
It’s possible that the Federal Reserve’s rate hikes are finally having an impact on the overall economy based on weak expenditure data.
According to a record-high percentage of consumers in the New York Fed’s most recent household survey, getting credit is now substantially more difficult. This is the expected outcome according to the textbook. In a note to investors on Sunday, Apollo Global Management chief economist Torsten Slok stated that it gets harder for consumers to borrow money when the Fed hikes interest rates.
Source (CNBC)
