U.S. stock futures edged lower on Monday morning after last week’s strong gains. The S&P 500 and Nasdaq 100 futures were down about 0.29% and 0.25% respectively at 3:30 a.m. EST. Dow Jones Industrial Average futures also moved lower by 0.27%.
Last week, the S&P 500 and Dow Jones crossed the 5,700 and 42,000 levels for the first time. This rally was fueled by the Federal Reserve’s first rate cut in four years. Investors are awaiting key economic data releases on Monday.
These include S&P Global’s reports on the manufacturing and services sectors. Speeches from the Federal Reserve Presidents of Atlanta, Chicago, and Minneapolis will also be closely watched for clues about the central bank’s next move. The U.S. 10-year Treasury yield moved higher on Monday, floating near 3.758%.
Stock futures dip after gains
WTI crude oil futures are also trending higher, hovering near $71.30 per barrel. In corporate earnings news, Micron Technology is scheduled to announce its results on Wednesday.
Accenture and Costco will report their earnings on Thursday. European markets started the week on a slightly positive note. This optimism was driven by the Fed’s recent interest rate cut.
Asia Pacific markets had a mixed performance on Monday. Last week, the People’s Bank of China kept its benchmark lending rates unchanged. Hong Kong’s Hang Seng Index was down 0.07%.
However, China’s Shanghai Composite Index and the Shenzhen Component Index were up by 0.44% and 0.10% respectively. Markets in Japan were closed for the Autumnal Equinox holiday.
