Stock futures fall after Dow returns 600 points

Stock futures fell in overnight trading on Monday as markets struggled to maintain a rebound after weeks of losses.

Dow Jones Industrial Average futures fell 110 points, or 0.34%. S&P 500 futures fell 0.69% and Nasdaq 100 futures fell 1.33%.

Zoom Video shares jumped 6% in extended trading after sharing a strong second-quarter outlook, while Snap shares fell more than 28% as the company said it braced for miss its profit and revenue targets in the current quarter and warned of a slowdown in hiring.

The moves came as markets rebounded from last week’s sharp market selloff, which saw the Dow hit its first eight-week losing streak since 1923 and the S&P 500 briefly dipped into bearish territory on a base. intraday.

Stocks rallied in Monday’s regular trading session as the Dow Jones jumped 618 points, or nearly 2%, after a week of steep losses. The S&P 500 rose 1.9% and the Nasdaq Composite gained 1.6%.

The moves left investors wondering if the rebound can hold or if this was yet another minor relief rally amid the relentless selling that has yet to bottom.

“That kind of environment where you have the jigsaw and the ups and downs that are so important is a trading environment where you can feel on any given day that you were wrong yesterday and that’s error-prone,” said Sofi’s head of investment strategy. Liz Young told CNBC “Closing Bell: Overtime.”

Bank stocks contributed to Monday’s gains led by JPMorgan, which jumped 6.2% after the company said it would hit key targets earlier than expected thanks to higher rates. VMware shares soared nearly 25% on news that Broadcom is in talks to acquire the cloud service provider.

Monday’s market rally was broad based, with 11 positive sectors, led by financials. The sector gained 3.23% and had its best day since March 9.

Investors are eagerly awaiting new home sales and a speech from Fed Chairman Jerome Powell at the National Center for American Indian Enterprise Development summit on Tuesday. Nordstrom, Best Buy and Ralph Lauren are also expected to report earnings.

Stock futures fall after Dow returns 600 points

Source link Stock futures fall after Dow returns 600 points

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