US pre-open: Stocks seen muted after record highs

(Sharecast News) - Stocks on Wall Street looked set for a muted open on Monday following records highs at the end of last week on the back of a well-received payrolls report.
At 1115 BST, Dow Industrial Average futures were down 0.2%, while S&P 500 and Nasdaq futures were 0.1% lower and 0.1% firmer, respectively.

Neil Wilson, chief market analyst at Markets.com, said: "Stock futures over on Wall St are looking a tad saggy this morning ahead of the cash open following the record closing highs set on Friday, with European markets leading the way lower in the first part of the session.

"A strong US jobs report has pushed the focus back on the timing of the Fed's expected tapering schedule - I still expect a timeline coming either at Jackson Hole or the September meeting at the latest, with the actual taper to come by Nov/Dec. Looking ahead, inflation is the buzzword again with a key US CPI print later in the week coming after a red hot Chinese PPI number.

"There is a lot going on under the hood of the market as the S&P 500 notched a record high but the advance is narrowing. Treasury yields have recovered to 2-week highs and the reflation trade has perked up a bit. Momentum is fading a bit as we hit the August illiquidity which could see some volatility creep back in - note some bid coming back through for the VIX. Oil is noticeably weaker and the fade could indicate doubts about demand which we need to watch for broader risk-off implications."

Investors will be eyeing speeches from Atlanta Fed President Raphael Bostic and Richmond Fed President Thomas Barkin later in the day.

On the corporate front, although the bulk of second-quarter earnings has already been released, results are still due this week from the likes of AMC Entertainment, Walt Disney and DoorDash.