U.S. stock futures began the week with a slight dip on Sunday night as investors prepared for a flurry of upcoming economic data and earnings releases. The S&P 500 futures and Dow Jones Industrial Average futures slipped around 0.1%, while Nasdaq 100 futures saw a 0.16% slide.

Last week, the S&P 500 made history by closing above the 5,000 level for the first time, indicating a positive sentiment in the market. The tech-heavy Nasdaq Composite also continued its upward momentum with a gain of 1.25%. However, the Dow Jones Industrial Average experienced a small decline of 54.46 points or 0.14%.

All three major indexes wrapped up the week with their fifth consecutive week of gains. The S&P 500 and Nasdaq Composite ended the week up by 1.4% and 2.3%, respectively, while the Dow Jones Industrial Average saw a negligible increase.

Investors will closely monitor the earnings reports of prominent companies in the coming week. Sixty-one names in the S&P 500, including Lyft, Instacart, and DoorDash from the gig economy sector, along with AutoNation, Kraft Heinz, Hasbro, and Coca-Cola, are scheduled to announce their results. With a strong economy as a backdrop, Jay Hatfield from Infrastructure Capital Advisors expressed optimism regarding the upcoming earnings reports.

Apart from earnings releases, market participants will also pay attention to key economic data. On Tuesday, the consumer price index (CPI), a crucial inflationary indicator, will be released, followed by other data on Thursday and Friday, including readings on retail sales, production, imports and exports, housing starts, and the producer price index (PPI).

Hatfield anticipates that the CPI and PPI data will be aligned with expectations and contribute to the overall bullish sentiment in the market. However, he suggests that the market may experience a temporary stall as investors await further inflation data in the weeks ahead.

Last week's market performance displayed a positive trend, with all three major indexes maintaining gains. The Dow Jones Industrial Average edged 0.04% higher, the S&P 500 gained 1.37%, and the Nasdaq Composite rose 2.31% during the week. Impressively, these gains marked the fifth consecutive week of positive performance for all three indices, with 14 of the past 15 weeks closing in the green.

As the new week begins, traders remain watchful of upcoming earnings reports and economic data releases. The market's direction in the coming days will likely be impacted by the strength of corporate earnings and the implications of crucial economic indicators.