US stock futures were trading lower on Tuesday morning.
Stocks gave up early gains and closed slightly lower on Monday as investors began another busy week of corporate earnings and economic reports.
The major indexes spent much of Monday’s session flying between gains and losses before falling in the afternoon.
The S&P 500 fell 11.66 points, or 0.3%, to 4,118.63. The Dow Jones Industrial Average lost 46.73 points, or 0.1%, to end at 32,798.40. The tech-focused Nasdaq Composite lost 21.71, or 0.2 percent, to 12,368.98.
U.S. stocks staged a furious rally in recent weeks, boosted by positive earnings signals and expectations that the Federal Reserve may not need to raise interest rates as aggressively as previously thought, prompting a government bonds rebound along with stocks.
August’s subdued open follows a solid rally for stocks last month: July was the best month for the S&P 500 since November 2020.
But this week’s spate of economic reports and corporate earnings has left traders “a bit wary,” said Lindsey Bell, chief money and markets strategist at Ally Invest.
“Investors are still evaluating where we go from here, beyond the upside or the downside,” Bell said.
The benchmark S&P 500 fell 11.66 points to 4,118.63. An increase of 9.1% in July is occurring, but remains at 13.6% for the year.
The Dow lost 46.73 points to close at 32,798.40, while the Nasdaq fell 21.71 points to 12,368.98. The Russell 2000 ended down 1.92 points at 1,883.31.
Banks, health care companies and technology stocks were among the S&P 500’s top weights.
JPMorgan Chase fell 1%, UnitedHealth Group fell 1.3% and Intuit fell 1.7%.
Meanwhile, Asian stocks were lower on Tuesday.
Japan’s Nikkei fell 1.54%, while Taiwan’s stock index fell 1.87%. Chinese chips fell 2.47% and Hong Kong’s Hang Seng lost 2.71%.
Australian shares pared losses and the Australian dollar weakened after the central bank raised the key rate by 50 basis points, as expected, and markets interpreted the changes in the accompanying policy statement as dovish.
“We knew from the beginning that (Pelosi’s trip) would be a driver of risk-averse sentiment in the region,” said Carlos Casanova, senior Asia economist at Union Bancaire Privee in Hong Kong.
[ad_2]
Source link
