Traders work on the trading floor of the New York Stock Exchange on March 5, 2024.
Brendan McDermid | Reuters
U.S. stock futures were little changed late Tuesday after the Dow Jones Industrial Average fell for a second straight day on a bad start to the season.
Dow Jones Futures It rose 9 points, or 0.02%. S&P 500 Index Futures and Nasdaq 100 Futures rose 0.03% and 0.05% respectively.
Wall Street’s main benchmarks are falling as investors worry the Fed will take longer to cut interest rates due to high inflation data released last week and some strong economic data. Treasury yields soared, with the 10-year note hitting the highest level since November. Oil prices also rose to five-month highs.
Tuesday, 30 stocks Dow Chemical It fell nearly 400 points, or 1%.this S&P 500 Index fell 0.7%, while Nasdaq Index plunged nearly 1%.
Still, some market observers remain optimistic about the stock market overall, saying stocks are set for some consolidation after a strong start to the year. The S&P 500 had its best first quarter of 2019.
“I think this is just a run-of-the-mill pullback,” Kristen Bitterly, global head of wealth at Citi Investment Solutions, told CNBC’s “Closing Bell” on Tuesday. “We hear day in and day out that we’re either hitting all-time highs. , or are approaching all-time highs. So I don’t think there’s anything to read into today other than geopolitics resurfacing and yields suddenly rising.”
“We know the Fed’s trajectory from here on out is downward. We know inflation is coming down. We also know corporate earnings have turned a corner,” Bitley continued. “So when you have that fundamental backdrop, it’s actually quite constructive for risk assets overall.”
On Wednesday, investors will get more insight into the labor market through the ADP private payrolls report, which precedes March employment data on Friday. The ISM services index is scheduled to be released after the market opens.
Fed Chairman Jerome Powell will also speak, as will a number of other central bank spokespeople, including Fed Governors Michelle Bowman and Adriana Kugler. Chicago Fed President Austen Goolsby and Fed Vice Chairman for Supervision Michael Barr will also speak at the event.
On the earnings front, Levi Strauss will report after the close.
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