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Stock futures started the month slightly lower after major indexes rose in May.

Traders on the floor of the New York Stock Exchange

source: NYSE

Shares futures were slightly lower in overnight trading after the main index rose in May.

Dow Jones Industrial Average futures were down 35 points, or 0.10%, S&P 500 futures were down 0.09% and Nasdaq 100 futures were down 0.03%.

The move in overnight trading comes after the blue-chip Dow and S&P 500 gained 1

.93% and 0.55% in May, respectively, to mark their fourth straight month positive. The S&P 500 closed Friday just 0.8% from levels. record high

Small group Russell 2000 shares rose 0.11% in May to post an eighth straight month of positive. This is the longest monthly win record since 1995.

The Nasdaq gained 2.06% last week to post its best weekly performance since April. However, the high-tech composite lost 1.53% in May. Breaking the 6-month winning record

A key gauge of inflation — the main personal consumption expenditure index — rose 3.1% in April from a year earlier. That was faster than the 2.9% increase expected. Despite hot-than-expected inflation data But Treasury yields fell on Friday.

“Overall, considering the market reaction to [Friday]Investor PCE exposure concerns about inflation may be exaggerated or may already be priced,” Goldman Sachs managing director Chris Hussey said in a note.

“The consensus may establish that the inflation we see today is ‘good’ inflation, which is a price increase with accelerated growth. It’s not a monetary policy mistake.

Investors are awaiting the Federal Reserve meeting on June 15-16. The key for markets is that the Fed begins to believe inflation is higher than expected. Or is the economy strong enough to make progress without much financial support?

May’s Employment Report which will be launched this Friday It provides important information about the economy. According to the Dow Jones, economists expect about 674,000 jobs in May. After 266,000 jobs added in April, less than expected.

Zoom Video Communications and Hewlett Packard Enterprise will report quarterly results on Tuesday after the bell.

— CNBC’s Patti Domm contributed reporting.

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