As a recent Wall Street rise appeared ready for a halt, stock futures saw a decrease early on Tuesday.
Futures linked to the Dow Jones Industrial Average fell by almost 0.2%, or 73 points. Both Nasdaq 100 futures and S&P 500 futures decreased by about 0.2%.
Monday saw a meagre advance in stocks, with the tech-heavy Nasdaq Composite recording its first positive session in seven consecutive since January. For the sixth session running, the 30-stock Dow and the S&P 500 both saw increases, which hasn’t happened since June and July, respectively.
Wall Street is evaluating the sustainability of the rally from the previous week. Last Friday marked the end of each index’s best week since 2023. The strong November increase contrasts sharply with a dismal October, when the S&P 500 entered correction territory. Following the Federal Reserve’s meeting last week, which also saw Treasury yields decline and stocks rise, investors were more upbeat and the rate of change was remained constant.
“Markets are likely to process the significant [month-to-date] movements in bonds and stocks over the next few days, which will be boring but volatile as investors wait for the next round of major catalysts (which don’t arrive until the week of November/13 with the US CPI, Biden-Xi summit, US gov’t funding expiration, the start of Oct-end earnings, and more),”
Source (CNBC)
