Benzinga - by Shanthi Rexaline, Benzinga Editor. U.S. stocks remain poised to bounce back from a lackluster week, and the recovery largely hinges on retail earnings reports and some key economic releases, including the minutes of the Federal Reserve's July meeting and a few manufacturing readings as well as retail sales data. Bond yields continue to stubbornly hold higher, impairing risk appetite. Walmart, Inc. (NYSE:WMT), Target Corp. (NYSE:TGT), and Home Depot (NYSE:HD) are among the key retail earnings report due for the week.
Cues From Past Week's Trading:
Inflation fears and rising bond yields kept sentiment subdued for much of the week ended Aug. 11, resulting in a mostly negative close for the week. Traders played the waiting game ahead of Thursday's consumer price inflation, which came in tamer than expectations. Although buying interest picked up in the aftermath of the data, Friday's producer price inflation report sent bulls scurrying for cover.
While the Nasdaq Composite, the S&P 500, and Russell 2,000 indices all ended in the red, the Dow Industrials, the 30-stock blue-chip average, posted a weekly gain.
US Stock Indexes Performance For Week Ended Aug.11
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -1.90% | 13,644.85 |
| S&P 500 Index | -0.31% | 4,464.05 |
| Dow Industrials | +0.62% | 35,281.40 |
| Russell 2000 | -1.65% | 1,925.11 |
Analyst Color:
The August market weakness should not unduly worry traders, said fund manager Louis Navellier in a recent note. The S&P 500 Index was down 2.7% for the month and the Nasdaq Composite was down a steeper 4.7%. The fund manager termed this as a relatively modest correction. He also noted that recession fears continue to ease.
“While stocks have been soft so far in August it is also a seasonally weak month, as is September, and with the first seven months of the year setting records, investors shouldn’t be too discouraged,” he said.
Futures Today
Futures Performance On Monday
| Futures | Performance (+/-) |
| Nasdaq 100 | +0.37% |
| S&P 500 | +0.28% |
| Dow | +0.26% |
| R2K | +0.04% |
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.26% to $446.80 and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.32% to $367.43 according to Benzinga Pro data.
Upcoming Economic Data:
The unfolding week's calendar has some key first-tier data that has the potential to move markets.
The spotlight will likely be on the FOMC minutes, the July retail sales report, the results of two regional manufacturing activity surveys for August, the July industrial production data, the July housing starts data, and the Conference Board's leading economic index for July. Traders may also keep an eye on the routinely released weekly jobless claims data.
The New York Federal Reserve is scheduled to release the results of its monthly consumer expectations survey at 11 a.m. EDT. In June, inflation expectations fell for a third straight month, dropping to 3.8%, marking the lowest reading since April 2021.
The Treasury is set to auction three- and six-month notes at 11:30 a.m. EDT.
See also: How To Trade Futures
Stocks In Focus:
- AMC Entertainment Holdings, Inc. (NYSE:AMC) shares plunged 27.76% to $3.80% in premarket trading, while its preferred unit APE climbed 27.53% to $2.27 after a court gave the nod for increasing authorized capital and the conversion of APE units into AMC common stock.
- United States Steel Corp. (NYSE:X) jumped over 30% after the company confirmed a $35 per share cash and stock offer from peer Cleveland-Cliffs, Inc. (NYSE:CLF). US Steel rejected the offer but asked its rival to take part in a formal strategic review process. Cleveland-Cliffs fell over 5%.
- Tesla, Inc. (NASDAQ:TSLA) fell over 1.50% after the company announced sharp cuts in China.
- Embraer SA (NYSE:ERJ), JinkoSolar Holding Co., Ltd. (NYSE:JKS) and monday.com Ltd. (NASDAQ:MNDY) are among the companies due to release their quarterly results before the market open.
- Notable among those reporting after the close include Alcon, Inc. (NYSE:ALC) and Navitas Semiconductor Corp. (NASDAQ:NVTC),
Crude oil futures receded 0.47% to $82.80 in early European session on Monday after retreating 1.87% on Thursday. Oil rose 0.45% in the week ended Aug. 11.
The benchmark 10-year Treasury note fell 0.014 percentage points to 4.154%.
Asian market ended mostly lower, although the Indian and Indonesian markets bucked the downtrend. The negative sentiment reflected fears after China's banking regulator set up a task force to examine risks at private wealth manager Zhongzhi Enterprise Group, which reportedly missed payments on its investment products.
European stocks traded mixed in late-morning trade.
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