NEW YORK (TheStreet) -- Stock futures were trading little changed Monday in the absence of major economic data after the markets on Friday again pushed into fresh record closing territory.
The S&P 500 and Dow Jones Industrial Average both achieved their third consecutive weekly gains, with the S&P attaining its 18th record finish of the year and the Dow hitting its eight record settlement year to date.
With the S&P 500 now up 5.5% this year and heading closer toward 2,000, there's the inevitable question of whether there will be a correction during the second half of the year or if the rally will continue.
Jim Paulsen, chief investment strategist and economist at Wells Capital Management, said in a note that although some of the major indicators he's watching to gauge potential correction pressures facing the stock market are "flashing yellow," none are yet red and overall they don't yet suggest any significant downside risks for equities as a whole.
However, he does expect the stock market to experience a correction at some point, perhaps ending the year about where it began. The correction indicators he's watching include a more aggressive pace to stock gains, diminishing calls for a correction, rising bond yields, evidence that risks of inflation is behind, and more hawkish Federal Reserve discussions.
S&P 500 futures were down 1.75 points, or 0.74 points below fair value, to 1,947.5. Dow futures were down 11 points, or 4.72 points above fair value, to 16,921. Nasdaq futures were down 3 points, or 1.13 points above fair value, to 3,795.
Stock to watch Monday include Tyson Foods (TSN - Get Report), Pilgrim's Pride (PPC - Get Report), and Hillshire Brands (HSH), as well as Netflix (NFLX), Apple (AAPL), and Credit Suisse (CS). Tyson Foods outbid Pilgrim's Pride to gain control of Hillshire Brands, the maker of Jimmy Dean sausages and Ball Park hot dogs. Netflix shareholders will vote Monday at the company's annual meeting on a proposal by two public pension funds to separate the roles of chairman and CEO, which are both held by Reed Hastings, the streaming media service's cofounder.
Credit Suisse is considering splitting off a piece of its fixed-income trading business into a separate company, The Wall Street Journal reported, citing people familiar with the matter.
Apple's split-adjusted pricing will begin when trading starts on Monday.
European markets were open but relatively quiet Monday because of the Whitsun holiday. Nevertheless, Germany's DAX Index breached the 10,000 mark for the first time Moday and has continued to trade around that psychologically important threshold in the hours since.
-- By Andrea Tse in New York