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Futures See Sideways Trade After Record Week

Before the bell, futures are trading sideways after Friday’s records.

Video Transcript

[MUSIC PLAYING]

JAMES SWEENEY: Before the opening bell, US futures trading sideways after Friday's record numbers. Consumer durables and apparel, energy and semiconductors and semiconductor equipment, those sectors the best performers. All as 80% of S&P 500 constituents traded higher on Friday. Taking a look now at after hours action. JPMorgan in the headlines, as it's amongst the companies sued by Malaysian state-owned investment fund 1MDB, according to "The Wall Street Journal." And Microsoft in the headlines. As according to "The Wall Street Journal" as well, the Pentagon might consider ending the JEDI Cloud Project, which was awarded to Microsoft amid amazon.com court fight.

Taking a look now at expectations, we do have results due out today from Duke Energy and Simon Property. While on the economic docket, 11 o'clock in the morning, we have the release of US consumer inflation. Taking a look now at the markets, the S&P 500 is where we begin. That sees the bias remain bullish. The NASDAQ, meanwhile, intraday, that sees an intraday support around 13,587. While the Dow Jones intraday sees the bias remain bullish, and that's in focus. Even though a continuation of the consolidation cannot be ruled out, the extent should be limited. Long positions above 34,480 are favored, with targets at 34,900 and 35,100 in extension.