In a Sunday night trading session, US stock futures experienced little change after the major averages began 2024 with a week of losses. Investors are now turning their attention to upcoming inflation data and big bank earnings in the week ahead.

Dow Jones Industrial Average futures dipped by 38 points, equivalent to a 0.1% decrease. Meanwhile, S&P 500 and Nasdaq 100 futures slightly increased by 0.02% and 0.05% respectively. Wall Street saw its first losing week in 10, as large technology stocks, including Apple, underperformed while Treasury yields rose.

Throughout the week, the Dow Jones Industrial Average dropped 1.5%, whereas the S&P 500 experienced a slide of 0.6%. The tech-heavy Nasdaq Composite had its worst weekly performance since September, falling 3.25%. Apple shares also suffered, declining roughly 6% during the previous week. Additionally, the yield on the 10-year Treasury swung back above 4%.

Market consolidation occurred after a year-end rally, causing investor concerns that equities are now overbought. The Federal Reserve's dovish pivot, a hot December jobs report, and uncertain Fed meeting minutes further contributed to worries about the path of rate cuts. Chris Verrone, Head of Macro and Technical Research at Strategas, commented that attitudes might be becoming "a little too enthusiastic" and suggested that a consolidation or correction may be necessary in the first quarter. However, Verrone also acknowledged that overall market trends are positive and momentum remains strong.

This week promises greater clarity on rate cuts from the central bank. The release of the December consumer price index on Thursday and the producer price index on Friday will indicate if the Fed's efforts to bring inflation to its desired 2% are taking hold. Additionally, the corporate earnings season will commence on Friday, with major banks such as Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo reporting their results. UnitedHealth, a Dow component, will also release its earnings report. Results from BlackRock and Delta Air Lines are also anticipated.

As traders continue to monitor inflation data and anticipate corporate earnings reports from key banks and other major companies, the US stock futures open the week with minimal changes. The upcoming data releases and earnings reports will play a crucial role in shaping market sentiment and determining the trajectory of stock prices in the days ahead.