Futures Pointing To Continued Weakness On Wall Street
05 Março 2024 - 11:03AM
IH Market News
The major U.S. index futures are currently pointing to a lower
open on Tuesday, with stocks likely to see further downside
following the modest pullback seen on Monday.
Traders may continue to cash in on recent strength in the
markets, which lifted the S&P 500 and the Nasdaq to record
closing highs last Friday.
Uncertainty about the outlook for interest rates may also weigh
on the markets ahead of congressional testimony by Federal Reserve
Chair Jerome Powell
Powell is due to testify before the House Financial Services
Committee on Wednesday and the Senate Banking Committee on
Thursday.
The Fed chief is likely to reiterate recent comments stressing
the central bank needs greater confidence inflation is slowing
before cutting interest rates.
The next monetary policy meeting is scheduled for March 19-20,
with the Fed widely expected to leave interest rates unchanged.
After a weak start and a long spell in negative territory, U.S.
stocks briefly managed to turn positive in the final hour of
trading on Monday but failed to find support and ended marginally
lower.
The mood was cautious throughout the day’s session due to a lack
of major U.S. economic data. Traders largely stayed on the
sidelines ahead of a several key events this week.
The major averages all ended in negative territory. The Dow
ended down 97.55 points or 0.3 percent at 38,989.83. The S&P
500 settled with a loss of 6.13 points or 0.1 percent at 5,130.95,
while the Nasdaq ended lower by 67.43 points or 0.4 percent at
16,207.51.
Tesla (NASDAQ:TSLA) dropped more than 7 percent. Walgreens Boots
Alliance (NASDAQ:WBA), Target (NYSE:TGT), Alphabet (NASDAQ:GOOG),
Pfizer (NYSE:PFE), Apple Inc. (NASDAQ:AAPL), Nike (NYSE:NKE) and
Merck (NYSE:MRK) lost 2 to 4 percent.
Intel (NASDAQ:INTC), Nvidia (NASDAQ:NVDA), IBM (NYSE:IBM), Bank
of America (NYSE:BAC), Ford Motor (NYSE:F), Qualcomm (NASDAQ:QCOM),
eBay (NASDAQ:EBAY), Walt Disney (NYSE:DIS), General Electric
(NYSE:GE), Wells Fargo (NYSE:WFC), Costco (NASDAQ:COST) and
Citigroup (NYSE:C) posted strong gains.
Later in the week, the Labor Department’s monthly employment
report is due to be released on Friday. The report is expected to
show employment jumped by 200,000 jobs in February after surging by
353,000 jobs in January.
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