Stock futures open little changed on Sunday night after a record week for the S&P 500: Live updates

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 6, 2024.

Brendan McDermid | Reuters

U.S. stock futures hovered near the flatline on Sunday night following a record-setting week for the S&P 500.

Futures tied to the 500-stock benchmark were flat. Dow Jones Industrial Average futures and Nasdaq 100 futures also traded within 0.1% of their previous close.

On Friday, the S&P 500 rose 0.57% to close above the 5,000 level for the first time, while the tech-heavy Nasdaq Composite added 1.25%. On the other hand, the Dow Jones Industrial Average slid 54.46 points, or 0.14%.

All three major indexes are coming off their fifth straight week of gains. The S&P 500 and Nasdaq Composite added 1.4% and 2.3%, respectively. The Dow edged fractionally higher.

Some 61 names in the S&P 500 are set to report earnings in the week ahead, including gig economy stocks Lyft, Instacart and DoorDash. Companies such as AutoNation, Kraft Heinz, Hasbro and Coca-Cola will also shed light on the state of the U.S. consumer.

“Most earnings are going to be strong because the economy was strong,” said Infrastructure Capital Advisors’ Jay Hatfield, who noted that he’s bullish on the slate of earnings reports.

Traders will also watch out for the latest level on the consumer price index — or CPI, a key inflationary gauge — set to be released on Tuesday morning. More key economic data is expected on Thursday and Friday, including January’s reading on retail sales, production, imports and exports, housing starts and the producer price index, or PPI.

“CPI and PPI should print in line, but still be bullish,” Hatfield said to CNBC. “We think that the market will continue to rally for the next week or two, and then maybe stall out as we wait for this inflation data to continue to come out.”

The S&P 500 could end the year at 5,500, says InfraCap’s Jay Hatfield

The S&P 500 notched a record high this week, closing above the key 5,000 mark on Friday afternoon. But Infrastructure Capital Advisors’ Jay Hatfield believes that the index still has room to go in 2024.

Hatfield’s year-end target for the broader index is 5,500, corresponding to a potential 9% rise. In the near term, however, he believes that the market will remain largely stagnant while investors wait for the Federal Reserve to begin cutting rates.

“I don’t think we’re just going to infinitely and quickly go to 5,500,” he told CNBC. “Our guess is that we stall out somewhere around 5,000 or 5,100 until we have greater clarity on both a Fed and ECB rate cut most likely in June, but possibly in May,” he told CNBC.

— Lisa Kailai Han

Week in review

Here are the market stats from last week:

The Dow Jones Industrial Average edged 0.04% higher last week, its fifth positive week in a row.
The S&P 500 gained 1.37% for the week, its fifth positive week in a row.
The Nasdaq Composite gained 2.31% for the week, its fifth positive week in a row.
All three major averages have risen in 14 of the past 15 weeks.

— Lisa Kailai Han, Christopher Hayes