Traders work on the floor of the New York Stock Exchange (NYSE) on August 8, 2024 in New York City.
Spencer Pratt | Getty Images
U.S. stock futures were little changed late Monday as traders braced for a potentially tough month ahead after a strong but volatile August.
Futures and Dow Jones Industrial Average It fell 63 points, or 0.1%. S&P 500 Index Futures decreased slightly, and Nasdaq 100 Futures Barely achieved a small gain.
U.S. markets were closed Monday for the Labor Day holiday.
The major averages ended the session in positive territory, securing gains for the month. The S&P 500 rose 2.3% in August, its fourth consecutive month of gains. The Dow and Nasdaq gained 1.8% and 0.7%, respectively, during the period.
The moves follow a sharp sell-off earlier this month. Concerns about the U.S. economy slipping into recession and the unwinding of popular hedge fund trades involving the yen sent stocks tumbling in early August. The S&P 500 fell more than 7% in a month before recovering.
“August got off to an extremely difficult start,” wrote Henry Allen, macro strategist at Deutsche Bank. “But after August 5, markets began to regain their composure. This was partly due to more positive U.S. economic data, which helped ease concerns about the upcoming Worries about the coming recession.”
Investors will get the first major economic report of the month on Friday, when the U.S. government releases its August jobs report. Wall Street also has to contend with seasonal headwinds as September is the S&P 500’s worst month on average past 10 years.
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