a trader works on the trading floor at the new york stock exchange nyse january 5 2023 stock futures inched higher in overnight trading sunday after the major averages notched their first big rally of the new trading year futures tied to the dow jones industrial average gained 49 points or 015 while sp 500 and nasdaq 100 futures added 017 and 029 respectively the overnight moves followed fridays first major market rally of 2023 the dow surged more than 700 points or 213 while the sp 500 and nasdaq composite added 228 and 256 respectively after the december jobs report signaled that inflation may be easing nonfarm payrolls came in slightly higher than expectations but wages increased at a slower pace than expected that and data showing a contraction in the services sector heightened hopes that the central banks rate hikes are accomplishing their goal fridays payrolls report and news of layoffs across industries suggest that the labor market is softening but the economy may have more work to do according to rick rieder blackrocks chief investment officer of global fixed income we believe that the moderation in employment conditions will continue as parts of todays report show but we think there is still a stickiness to the labor demand in services which will persist for a while he said in a note friday all the major averages finished fridays session with weekly gains with the dow and sp posting their best weeks since november the dow and sp capped their best day since nov 30 while the nasdaq on friday ended its best session since dec 29 monday kicks off a big week for economic data decembers consumer price index report is due out thursday followed by big bank earnings on friday nearer term the new york fed survey of consumer expectations along with consumer credit data are due out monday wall street will also hear commentary from atlanta fed president raphael bostic