The New York Stock Exchange is set to open on an uneven note on Monday morning, in a wait-and-see market on the eve of a week in which more will be known about the evolution of inflation.

Half an hour before the opening, future contracts on the major New York indices are trading close to their equilibrium point, suggesting a session without much direction.

The S&P 500 and Nasdaq posted slight gains last week, making it the eighth consecutive week of gains out of nine, but the rally of recent weeks seems to be running out of steam.

After an incredible 57% surge in the S&P 500 since the lows of October 2022, and with an election looming, it's normal for investors to wonder whether they should pull back a little, or whether it's better to stay invested and see what happens", admits Larry Adam, Raymond James' Chief Investment Officer.

No economic indicators are on the agenda this Monday, but the week promises to be rich on this front, with the PCE price index in particular, a measure of inflation particularly closely watched by the Fed.

Investors will be hoping that these figures, to be published on Friday, will confirm that inflationary pressures are tending to moderate after the renewed pressure seen in the first quarter.

'Now that excess savings have been exhausted, consumers are showing more reluctance to bear price rises', explain Oddo BHF economists.

Investors will also be watching with interest the first debate between Joe Biden and Donald Trump, scheduled for Thursday evening, in the run-up to November's presidential election.

The strict conditions of the debate make it unlikely that either will win by a knockout", predicted Oddo analysts.

Pending inflation figures, Treasuries yields are little changed, as are their European equivalents.

The yield on 10-year bonds has risen to 4.2610% from 4.2570% on Friday evening.

Oil prices are also marking a pause after rising for two weeks in a row.

The August contract for US light crude oil is down 0.2% dollars, but manages to hold above the technical threshold of $80, at $80.6.

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