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A trader works on the floor of the New York Stock Exchange, May 22, 2023.
Brendan McDermid | Reuters
Stock futures were flat on Sunday evening as Wall Street looked to see if the market rally could find more momentum in the final week of June.
Futures tied to the Dow Jones Industrial Average dipped 5 points, or less than 0.1%. S&P 500 futures and Nasdaq 100 futures were also little changed.
The market rally sputtered last week. The Nasdaq Composite fell 1.44%, breaking an eight-week win streak. The S&P 500 dipped 1.01%, ending a five-week streak. The Dow, which has underperformed in 2023, shed 1.67% to halt a three-week positive run.
“The SPX and NDX finally saw some profit-taking after the significant rally seen over the past couple of months,” Rick Bensignor of Bensignor Investment Strategies said in a note to clients.
Segments of the market is still on track for a banner first half of the year. The tech-heavy Nasdaq Composite is up nearly 29% year-to-date, and the S&P 500 is up more than 13%. The Dow, however, is up less than 2%.
The final week of June is a light one for economics reports and corporate earnings, which are highlighted by Walgreens Boots Alliance on Tuesday and Nike on Thursday. Traders will likely keep an eye on Europe, where Russia saw a brief rebellion by a private military group over the weekend. Uncertainty about the situation there will likely keep the markets on edge.
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