Stock futures remained largely unchanged in overnight trading on Sunday, as investors prepared for the last week of June and the end of the first half of 2024. The Dow Jones Industrial Average and S&P 500 futures showed little movement, while Nasdaq 100 futures saw a slight increase of 0.2%.

Last week, the S&P 500 achieved an intraday record of 5,505.53 and continued its winning streak. The index gained 0.6% over the week, marking its eighth positive week out of the last nine. However, some signs of exhaustion have started to appear, with a particular focus on chipmaker Nvidia. After briefly surpassing Microsoft as the most valuable company in the U.S., Nvidia experienced a back-to-back sell-off, falling 4% last week with two consecutive declines of over 3%.

Chart analysts have pointed to bearish patterns in Nvidia's recent trading and expressed caution regarding the stock's rapid ascent. "The extreme price performance may face some speed bumps going forward," said Katie Nixon, CIO at Northern Trust Wealth Management, emphasizing the need to exercise caution amidst the stock's significant gains.

Nonetheless, the enthusiasm surrounding artificial intelligence has significantly boosted the market this year, even as investors grapple with shifting expectations for interest rate cuts and concerns of a slowing economy. The S&P 500 has surged by almost 15% so far in 2024, reaching 31 record closes.

Investors will now be closely monitoring the release of May's personal consumption expenditure data on Friday, which serves as the Federal Reserve's preferred inflation gauge. This data will provide crucial insights into the current economic environment. Additionally, several key companies are set to release their earnings reports this week, including FedEx, Micron, Walgreens Boots Alliance, and Nike.

Of note, the S&P 500 has now gone an impressive 377 days without experiencing a sell-off of at least 2.05%, the longest stretch since the great financial crisis, according to FactSet data compiled by CNBC. Similarly, the index has not seen a gain of at least 2.15% during this time either.

As the market enters the final week of June, investors are preparing for the impact of upcoming data releases and earnings reports. Balancing optimism and caution, the stock market continues to ride the wave of artificial intelligence while keeping a close eye on key indicators and corporate performance.