U.S. stock futures traded in tight ranges as investors awaited key inflation data and testimony from the Federal Reserve. The S&P 500 and Nasdaq Composite closed at new highs, with the S&P 500's year-to-date gain at 16.7% and the Nasdaq's at 22.3%. Boeing agreed to plead guilty to a criminal fraud charge related to the 737 Max crashes, agreeing to pay a $243.6 million fine and invest at least $455 million in compliance and safety programs. The company also agreed to have an independent monitor oversee its compliance for three years. Additionally, it will meet with families of the crash victims. The week ahead includes the release of the June consumer price index and testimony from Federal Reserve Chair Jerome Powell. Paramount Global reached a merger agreement with Skydance Media, while notable stock movements include Corning Inc. up 7.0% in pre-market trading, Boeing shares edging higher, and Paramount Global, Tesla, and Meta Platforms experiencing stock movements. The plea deal with Boeing could impact its $22.8 billion in Defense Department contracts, and family members of crash victims may object to the agreement. Paramount Global's merger agreement with Skydance Media ends months of negotiations and offers a lifeline to the struggling media company. These developments set the stage for a significant week in the stock market, with various factors such as inflation data, Federal Reserve testimony, and corporate earnings reports shaping investor sentiment and market movements.
