By Medha Singh
(Reuters) – Futures tracking the S&P 500 paused at an all-time high on Monday as investors stayed away from making big bets ahead of data on the health of a U.S. labor market recovery and corporate earnings later in the week.
The S&P 500 on Friday logged its best weekly performance in 20 following an agreement on President Joe Biden’s $1.2 trillion infrastructure spending deal and waning concerns about a sooner -than-expected policy tightening from the Federal Reserve.
Both the S&P 500 and the Nasdaq hit record levels last week. But the tech-heavy Nasdaq’s 4.4% gain is outpacing its peers in June as investors pile back into tech-oriented growth stocks on waning worries about runaway inflation.
With the S&P 500 up almost 14% as the first half of 2021 draws to a close, activity in some areas of the market indicates concern over potential volatility, with some investors suggesting the market may be overdue for a significant pullback.
At 6:41 a.m. ET, Dow e-minis were down 60 points, or 0.17% and S&P 500 e-minis were down 2 points, or 0.05%.
Nasdaq 100 e-minis were up 23.5 points, or 0.16% as megacap companies including Microsoft Corp, Amazon.com Inc and Facebook Inc edged higher in premarket trading.
Quarterly results from Micron Technology, ConocoPhillips and Walgreens are slated for this week. On the economic front, attention will be on consumer confidence data, a private jobs report and a crucial monthly nonfarm payrolls report.
Boeing Co fell 1.4% after the U.S. Federal Aviation Administration told the planemaker that its planned 777X is not yet ready for a significant certification step and warned it “realistically” will not certify the airplane until mid- to late-2023.
U.S-listed shares of Chinese tech giant Baidu rose 1.2% after its smart electric vehicle venture with automaker Geely, Jidu Auto, hired Frank Wu, formerly at Cadillac, to lead its design studio.
(Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Maju Samuel)
