Global Courant
Traders work on the floor of the New York Stock Exchange.
Michael Nagel | Bloomberg | Getty Images
Stock futures were slightly higher Monday evening as investors looked forward to the next set of economic data and prepared for the end of June and the second quarter.
Futures linked to the Dow Jones Industrial Average added 33 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures also rose 0.1% each
Those moves follow a losing day on Wall Street. The Nasdaq composite led the way down, falling nearly 1.2% as investors took profits on some technology stocks. Tesla slipped 6% while Nvidia, Alphabet And Meta platforms all ended more than 3% lower.
The S&P 500 closed down about 0.5%, while the Dow was finished slightly below flat. It was the sixth consecutive negative session for the Dow by 30 stocks, the longest streak of losses since September 2022.
Despite Monday’s backlog, the S&P 500 and Nasdaq are still on track to finish June up more than 3%, while the Dow is poised for a monthly rise of nearly 2.5%.
Friday’s close marks the end of the second quarter and first half of 2023. The Nasdaq gained more than 9% in the quarter, while the S&P 500 and Dow are on track to end the period more than 5% and 1% to end, respectively.
“It’s not unusual to see the trends that have continued through the quarter starting to reverse a bit at the end,” said Scott Ladner, CIO at Horizon Investments. “The fact that small caps are doing well today and the Nasdaq is doing poorly today is probably just as much a reflection of that portfolio rebalancing effect at the end of the quarter as anything else.” Indeed, the Russell 2000 ended Monday with a marginal gain of 0.09%.
Investors will watch a crop of morning data on home sales, durable goods and consumer confidence on Tuesday. Walgreens is scheduled to report quarterly earnings before the bell.
They will also keep an eye out for any developments from Russia following the weekend’s brief uprising.
