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U.S. stock futures traded near the flatline during Asian hours on Sunday, with Wall Street sentiment supported by softer inflation data and a strong corporate earnings season following a third consecutive week of gains for the S&P 500 and Nasdaq.
S&P 500 futures edged 0.1% higher to 7,809.50, while Nasdaq 100 futures gained 0.2% to 30,193.50 as of 20:53 ET (00:53 GMT). Dow Jones futures slipped 0.1% to 53,779.0.
The subdued moves followed a mixed Friday session, when the S&P 500 declined 0.2% and the Nasdaq fell 0.1% amid weaker U.S. retail sales and higher oil prices. Despite Friday's losses, the S&P 500 gained 0.4% for the week and the Nasdaq advanced 0.1%, marking a third straight weekly increase for both indexes. The Dow fell 0.6%. Earlier in the week, the S&P 500 reached a record closing high of 7,816.70.
U.S. inflation data helped improve market sentiment. Consumer prices increased just 0.1% month over month in July, while producer prices were unchanged. The figures eased concerns that the Federal Reserve could raise interest rates in the near term, although inflation remaining above the central bank's 2% target continues to pose a risk.
Strong corporate earnings have also supported U.S. stocks. Around 85% of companies that had reported results by midweek exceeded analysts' profit expectations, according to LSEG data cited by Reuters.
However, investors remain cautious after July retail sales declined, raising questions about consumer spending. Oil prices also surged nearly 6% last week as tensions surrounding the Strait of Hormuz intensified. Persistently higher energy costs could add to inflationary pressures and reduce the Fed's flexibility on monetary policy.
Markets will now turn to earnings reports from major U.S. retailers, including Walmart, Home Depot, Target and TJX Companies, for further insight into consumer demand. Investors will also closely examine minutes from the Federal Reserve's July meeting on Wednesday for clues about policymakers' inflation outlook and the future direction of U.S. interest rates.
