U.S. stock futures were little changed late Monday, a day after major benchmarks fell.
Dow Jones Industrial Average Futures It rose 19 points, or 0.05%. S&P 500 Index Futures and Nasdaq 100 Futures rose 0.02% and 0.07% respectively.
Wall Street’s main benchmarks had a tumultuous day. 30 stocks Dow Chemical It fell 248 points, or 0.65%, falling for the sixth consecutive trading day. The 30-stock index wiped out most of its 2024 gains, a significant reversal for an index that approached the key 40,000 level just weeks ago.this S&P 500 Index fell 1.2%, while Nasdaq Index down 1.79%.
These losses come after yields rose, with investors shrugging off strong earnings. Goldman Sachs, as well as popular retail sales data. The 10-year Treasury yield topped 4.6%, the highest since November.
Elsewhere, investors worried about escalating tensions in the Middle East after Iran fired missiles and drones at Israel on Saturday. The CBOE Volatility Index, often referred to as the fear gauge, closed at its highest level since October.
Still, some market observers urged investors to stay calm and stay the course, saying a strong economy and strong labor market were likely to continue to support stocks.
“I think the reality for the market is that we’re not going to see a sustained downturn in U.S. stocks unless we have earnings problems, which we don’t have yet, and cracks appear in the labor market, which hasn’t happened yet,” said Lau, chief market strategist at New York Life Investments. “So I expect the jitters we’re seeing are due to, ‘Yes, valuations are high,'” Lauren Goodwin said Monday on CNBC’s “Closing Bell.” There is a lot of uncertainty. ‘” That’s been the case for months.
Big banks will continue to report results on Tuesday as Bank of America, Johnson & Johnson and Morgan Stanley release results. Other important reports are also forthcoming, including those from UnitedHealth Group and United Airlines.
Traders will also be watching Tuesday’s latest data on housing starts and building permits for insight into the health of the housing sector. Industrial production data will also be released before the market opens.
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