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US Stock Futures Reflecting Caution Ahead of Crucial Inflation Update and Fed Decision

US stock futures were relatively unchanged on Monday, indicating a subdued start to a week filled with significant economic events. Futures on the Dow Jones Industrial Average and the S&P 500 hovered around the flatline, with tech stocks leading the way lower as Nasdaq 100 futures dipped by approximately 0.1%.

Investors are adopting a cautious approach as they prepare for two pivotal events that could heavily influence stock market trends heading into 2024: November’s consumer inflation data and the Federal Reserve’s interest rate decision.

The recent jobs data has raised hopes that the Fed may be able to engineer a “soft landing” for the US economy, which is currently shouldering historically high borrowing costs. This optimism has fueled a six-week winning streak for major stock market indices, with the S&P 500 and Nasdaq reaching their highest levels since early 2022.

The focus is now turning to the upcoming Consumer Price Index data, scheduled for release on Tuesday, which could potentially challenge the prevailing optimism. Signs of a slowdown in inflation have solidified expectations that the Fed will hit the pause button on rate hikes this week, but there is also a growing belief that a rate cut may be on the cards before the summer.

Amidst the broader market dynamics, individual corporate news is also making waves, with Macy’s shares experiencing a remarkable 16% surge in premarket trading following a $5.8 billion buyout offer. The company’s board is reportedly deliberating the bid to take the retail chain private.

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