U.S. stock futures fell on Monday night, with major averages making a major reversal to start the month.
The Dow Jones Industrial Average futures fell 50 points, or 0.2%. The futures of the S&P 500 and Nasdaq 100 fell 0.1% and 0.2%, respectively.
At the start of the day, key averages were up 1.63% on the Nasdaq Composite, up 1.63% on the late-day comeback, despite falling to 1.07% the previous day. The S&P 500 session rose 0.57% after reaching its previous low of 2022.
Meanwhile, the Dow Jones Industrial Average rose 84 points, or 0.26%. At the low level of its session, the Dove was down over 400 points.
Those moves come after a brutal month in April for stocks. April was the worst month for the Dow and the S&P 500 since March 2020. This is the worst month for Nastok since 2008.
Benchmark 10-year Treasury revenue also reached a new milestone on Monday. Bond yield Reached 3.01% during the sessionHighest point since December 2018.
“I think it’s very difficult to pick bottoms or tops in the market,” Tim Lesco, director of Marine Wealth Advisors and senior wealth adviser, told CNBC’s Closing Bell on Monday. “I think what we see is that, in the long run, stocks have gotten very high, people have started to restructure and there is some competition for stocks in the market now.”
Wall Street expects interest rates to rise by 50 basis points at the Federal Reserve meeting this week. Some investors believe that expectations of aggressive deflation from the central bank have already set prices in the markets.
“As financial conditions tighten, we expect the federal market to be slightly higher than expected,” Eric Johnston, head of equity derivatives and cross asset products at Canterbury Fitzgerald, told CNBC’s Closing Bell on Monday.
The Federal Open Market Committee will release a report to ET on Wednesday at 2 p.m. Central Bank Chairman Jerome Powell is expected to hold a press conference at 2:30 p.m.
Many consumer-oriented companies are reporting more on earnings this week. Shares of Avis Budget rose more than 6% during the extended trading session after the car company surpassed revenue expectations in the upper and lower taxes. Avis encouraged investors to rent cars from the budget despite the high prices.
Chegg’s share price fell nearly 30% during the extended trading session after the textbook company issued weak guidance for the full year, despite exceeding earnings expectations.
Restaurant Brands International, Pfizer And Paramount Global Are set to report income before Tuesday. Airbnb, AMD, Lift And Starbucks Revenue is expected to be reported after the bell on the same day.
Traders will also see the latest reading of jobs and labor earnings (JOLTS) data expected at 10am ET on Tuesday. The vehicle sales report for April is also expected to be released on Tuesday.
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