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Rate-setters have offered few clues on the timing for rate cuts
this year and several Fed officials on Monday refrained from
noting inflation moderating to the 2% target despite recent data
pointing to easing consumer price pressures.
That weighed on market sentiment, with investors now awaiting
remarks during the day from officials including Christopher
Waller, Thomas Barkin, Raphael Bostic and Michael Barr ahead of
the Fed's latest policy meeting minutes on Wednesday.
Technology stocks kicked off the week on a strong note, driving
the tech-heavy Nasdaq to its highest closing level on Monday
while the S&P 500 inched closer to its all-time high hit last
week.
Nvidia's quarterly earnings on Wednesday are also in focus,
likely to be a significant market trigger and a litmus test for
the success of the generative AI boom.
Data from options analytics firm Trade Alert showed Nvidia's
options are primed for an 8.7% swing in either direction by
Friday, translating to a market cap swing of $200 billion.
"In Nvidia's case, the confidence around the artificial
intelligence boom is more than just hype... It has real
substance," said Derren Nathan, head of equity research,
Hargreaves Lansdown
At 5:28 a.m. ET, Dow e-minis were up 3 points, or 0.01%, S&P 500
e-minis were down 0.5 points, or 0.01%, and Nasdaq 100 e-minis
were down 27 points, or 0.14%.
Among other individual movers, Palo Alto Networks dropped 7.9%
in premarket trading after its fourth-quarter billings forecast
disappointed investors.
Peloton Interactive fell 2.8% as the fitness equipment maker was
looking to refinance its debt to regain its footing amid falling
sales.
U.S.-listed shares of Li Auto lost 4.5% after the Chinese firm
postponed plans to launch pure electric SUV models to next year.
(Reporting by Ankika Biswas in Bengaluru; Editing by Devika
Syamnath)
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