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Stock futures dipped on Monday as Wall Street looks to build on four straight positive weeks for the equity market.
Futures for the Dow Jones Industrial Average ticked down 85 points, or 0.24%. Futures for the S&P 500 slipped 0.3% and Nasdaq 100 fell 0.4%.
Wall Street is coming off the fourth-straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.
The rally has come despite warnings from some U.S. retailers that consumer spending is weakening. Traders will be looking for updates about the start of the holiday shopping season after Black Friday.
Weak spending data could suggest that the Federal Reserve’s rate hikes are finally starting to weigh on the broader economy.
“The New York Fed’s latest household survey shows that a record-high share of consumers are saying that it is much harder to obtain credit … This is what the textbook would have predicted. When the Fed raises interest rates it becomes more difficult for consumers to borrow,” Torsten Slok, Apollo Global Management chief economist, said in a note to clients on Sunday.
The week ahead is also a busy one for economic indicators and Fed commentary. On Monday, new home sales and the latest Dallas Fed Manufacturing Survey are due out. Readings for consumer confidence and inflation follow later in the week.
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