Traders move around during morning trading on the New York Stock Exchange on May 14, 2024.
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Stock futures were almost flat Monday night after gains in tech stocks Nasdaq Index Closed at record high.
futures The index linked to the Nasdaq 100 fell 0.1%. Dow Jones Industrial Average Futures Only 3 points were added, while S&P 500 Index Futures Also sit near Ping.
In the after-hours action, Palo Alto Networks A drop of more than 8%. While both companies beat estimates for the fiscal third quarter, the cybersecurity company issued guidance for the quarter that was only in line with the consensus forecast of analysts polled by London Stock Exchange Group (LSEG).
The moves come after a mixed day on Wall Street. The Nasdaq hit new intraday and closing highs.The index rose by NvidiaThe company’s shares rose 2.5% as investors prepared for the artificial intelligence giant’s earnings report on Wednesday.Generalized S&P 500 Index It rose slightly by nearly 0.1%.
But blue chip stocks Dow Chemical It fell nearly 200 points, or 0.5%. 30 stock indexes dragged down 4.5% JPMorgan Chief Executive Officer Jamie Dimon said he may retire earlier than expected and the financial giant will not buy back shares at current prices.
Monday’s action comes after a dramatic week on Wall Street that has seen renewed hope about the state of inflation and monetary policy. The Dow closed below the closely watched 40,000 mark on Monday, having closed above it for the first time last week.
“The deflation story remains intact,” said Keith Buchanan, portfolio manager at Globalt Investments.
“If earnings can confirm the stickiness of corporate profitability, the market will continue to move higher,” he added. But “that could lead to some degree of range-bound trading in the market, possibly even lower.”
As a result, investors will be watching speeches from several Fed speakers, including Governor Christopher Waller, Richmond Fed President Tom Barkin and Atlanta Fed President Raphael Bostic. Traders will be closely watching for any insights into future interest rate trends.
Non-manufacturing economic data will also be released on Tuesday.On the earnings front, investors will focus on expected reports from retailers Lowe’s and macy’s department store before the bell rings.
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