Futures Pointing To Roughly Flat Open On Wall Street

(RTTNews) - Following the strong performance seen last week, stocks may show a lack of direction in early trading on Monday. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures down by less than a tenth of a percent.

Amid a quiet day on the U.S. economic front, traders may take a step back to assess the recent strength in the markets, which saw the S&P 500 reach a new record closing high last Friday.

Traders may also be reluctant to make significant moves ahead of the release of key U.S. inflation data in the coming days.

On the heels of last Friday's report showing an unexpected decrease in U.S. employment, the data could impact the outlook for interest rates.

"Consensus forecasts point to a modest easing in both headline and core CPI, which, if realized, would reinforce the view that the Fed can afford to remain patient," said Daniela Hathorn, Senior Market Analyst at Capital.com.

She added, "That would likely keep downward pressure on Treasury yields and provide further support for risk assets."

After moving to the upside early in the session, stocks remained mostly higher throughout the trading day on Friday. The major averages all ended the day in positive territory, with the S&P 500 reaching a new record closing high.

The tech-heavy Nasdaq led the way higher, jumping 342.26 points or 1.3 percent to 26,690.62. The S&P 500 also climbed 47.68 points or 0.6 percent to 7,757.64, while the narrower Dow rose 151.83 points or 0.3 percent to 54,036.93.

For the week, the Nasdaq spiked by 5.2 percent, while the S&P 500 and the Dow surged by 3.6 percent and 3 percent, respectively.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index shot up by 2.1 percent, while China's Shanghai Composite Index advanced by 0.7 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is down by 0.2 percent, the French CAC 40 Index is up by 0.1 percent and the German DAX Index is up by 0.3 percent.

In commodities trading, crude oil futures are jumping $1.36 to $79.54 a barrel after climbing $0.89 to $78.18 a barrel last Friday. Meanwhile, after surging $100.10 to $4,399.70 an ounce in the previous session, gold futures are slipping $12.30 to $4,387.40 an ounce.

On the currency front, the U.S. dollar is trading at 158.85 yen versus the 157.78 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1546 compared to last Friday's $1.1558.