U.S. stock futures were edging higher ahead of Monday’s session after the three major indexes closed last week lower amid rising concerns about a potential AI bubble. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were up 0.39%, 0.27%, and 0.31%, respectively, at 12:24 a.m. EDT on September 29.
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Major technology and AI stocks fell last week after Federal Reserve Chair Jerome Powell warned about stretched equity valuations, sparking global concerns. Wall Street also remains wary of the “circular nature” of certain AI-related deals, such as Nvidia’s (NVDA) $100 billion partnership with OpenAI.
Despite these worries, U.S. indexes ended higher on Friday after August’s Personal Consumption Expenditures (PCE) came in line with expectations, rising 0.3% month-over-month and 2.7% year-over-year. Moreover, the Bureau of Economic Analysis announced that consumer spending ticked higher by 0.6% month-over-month in August, ahead of the estimate for a 0.5% rise.
Meanwhile, for the week, all three major indexes finished lower. The S&P 500 slipped 0.3% last week, marking its steepest decline since August 1 and leaving it 0.8% below its record high. The Nasdaq fell 0.7%, its sharpest drop since early August, while the Dow dipped 0.2%, snapping a three-week winning streak.
Looking ahead, investor focus will shift to the release of September’s non-farm payrolls and unemployment rate reports, due on Friday. Both reports represent the number of new jobs created during the previous month, along with the percentage of people actively seeking employment.
With second-quarter earnings season largely over, several notable companies are still set to report this week. The companies in focus are Jefferies (JEF), Carnival (CCL), Nike (NKE), Conagra Brands (CAG), Delta Air Lines (DAL), PepsiCo (PEP), and Levi Strauss (LEVI).
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