US pre-open: Futures broadly flat ahead of data-heavy week

Wall Street futures were little changed ahead of the bell on Monday as market participants braced for a week full of key economic reports.

As of 1220 BST, Dow Jones and S&P 500 futures were up 0.09% and 0.04%, respectively, while Nasdaq-100 futures had the index opening 0.08% weaker.

The Dow closed 153.30 points higher on Friday after the European Union struck a deal with the US in an effort to lower its Russian energy usage.

While investors were continuing to monitor developments in Russia's war on neighbouring Ukraine, while also keeping a close eye on the Federal Reserve after the central bank's chairman Jerome Powell promised to be tough on inflation, the week's primary focus will be a number of important data points scheduled for publication over the next few days.

Traders will be holding out for the Labor Department's Job Openings and Labor Turnover Survey, the Fed's main employment data reference point, while the ADP will also release its private payrolls data on Friday ahead of the closely watched nonfarm payrolls report.

Markets.com's Neil Wilson said: "With the Federal Reserve going all-in with the hawkish language, traders will be watching a barrel-load of key US economic data this week for clues as to the likely course of action by the central bank in the months ahead. PCE inflation, PMI releases and the all-important nonfarm payrolls report mean this will be a busy week ahead."

Oil prices were trending lower prior to the opening bell, with West Texas Intermediate down 4.37% at $108.92 per barrel and Brent crude futures 4.04% softer at $115.77, while the yield on the benchmark 10-year Treasury note remained elevated at approximately 2.48% early on Monday.

On the macro front for today, an advance reading of February's goods trade balance will be published at 1230 BST, while president Joe Biden will deliver his 2023 budget speech at 1900 BST.

In the corporate space, Dave & Buster's Entertainment will report after the close.