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SP Futures Stall at AllTime High

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Reuters Futures tracking the SP 500 paused at an alltime 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 SP 500 on Friday logged its best weekly performance in 20 following an agreement on President Joe Bidens 1.2 trillion infrastructure spending deal and waning concerns about a sooner thanexpected policy tightening from the Federal Reserve.

Both the SP 500 and the Nasdaq hit record levels last week. But the techheavy Nasdaqs 4.4 gain is outpacing its peers in June as investors pile back into techoriented growth stocks on waning worries about runaway inflation.

With the SP 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 641 a.m. ET, Dow eminis were down 60 points, or 0.17 and SP 500 eminis were down 2 points, or 0.05.

Nasdaq 100 eminis 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.

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