S&P 500 futures dipped 0.2%, while Nasdaq futures lost 0.3% as the stellar January payrolls report forced investors to price in the risk of more hikes from the Federal Reserve, and less chance of cuts later in the year.Futures are almost fully priced for a quarter point rate rise in March, and likely another in May, leaving the peak at 5.0% from 4.9% ahead of the jobs data.
A host of Fed officials are set to speak this week, led by Chair Jerome Powell on Tuesday, and the tone could be hawkish. Policy makers from the European Central Bank and the Bank of England will also be making appearances. "The data decisively quiet the near-term recession narrative," wrote Kasman in a note. "It appears that underlying growth momentum did not materially slip through a noisy turn into the new year, and the U.S. expansion remains firmly on its feet."
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