U.S. stock index futures were little changed during overnight trading on Sunday after the major averages snapped a three-week winning streak.
Futures contracts tied to the Dow Jones Industrial Average slid 48 points. S&P 500 futures were down 0.12%, while Nasdaq 100 futures were marginally lower.
Inflation fears weighed on stocks, with a U.S. consumer sentiment index from the University of Michigan released on Friday showing that consumers believe prices will jump 4.8% over the next year. This is the steepest climb since August 2008. Earlier in the week, the June Consumer Price Index showed that inflation jumped 5.4% year-over-year, spooking investors.numbers released Friday came in better-than-expected, rising 0.6% in June compared to expectations of a 0.4% decline.
A busy week of earnings is on deck, with nine Dow components set to report and 76 S&P companies will provide quarterly updates. United Airlines and American Airlines will report, as will social media companies Snap and Twitter. CSX, Johnson & Johnson, Coca-Cola, Honeywell, IBM, Intel and Netflix are also on the docket.
"Q2 earnings season is here and another stellar reporting period is expected for US stocks with the S&P 500 y/y EPS growth rate currently sitting at 65.5%, which would mark the strongest clip since Q4 '09," the firm said in a recent note to clients.
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