Traders work at the New York Stock Exchange (NYSE), August 15, 2022.
Brendan McDermid | Reuters
US stock futures were flat on Monday night after all three major averages gained during the daily trading session.
Dow Jones Industrial Average futures were down 33 points, or 0.11%. On Monday, the 30-stock index closed above its 200-day moving average for the first time since late April. S&P 500 and Nasdaq 100 futures fell 0.13% and 0.11%, respectively.
Shares of ZipRecruiter fell more than 5% in after-hours trading as the company cut its revenue outlook. Compass shares fell nearly 13% after the real estate agent missed expectations on quarterly revenue and cut its outlook.
At the start of regular trading on Monday, energy and financials initially dragged markets lower after weak economic reports from China and news that the country’s central bank had unexpectedly cut interest rates. Later in the day, markets rebounded and turned positive as consumer staples, communications services and consumer discretionary stocks rebounded.
Still, some see the recent gains as a bear market rally rather than the start of a new bull cycle.
“I think people are not being sensitive enough to this economic slowdown and what it’s going to mean for companies’ revenues and profit margins,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, told “Fast Money” from CNBC.
Investors have more earnings releases to look forward to next week as major retailers do so. Home Depot and Walmart are scheduled to release results before the bell on Tuesday. Target and Lowe’s will report quarterly results on Wednesday.
This week, investors will also be watching the minutes of the Federal Reserve’s July meeting, which could provide more clues about how the central bank will raise rates to control inflation in the future.
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