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A trader works as American flags are displayed on the floor of the New York Stock Exchange (NYSE) in New York
Michael Nagel | Bloomberg | Getty Images
Stock futures fell slightly on Tuesday as Wall Street processed a recent rally that took the S&P 500 to its highest level in nine months.
Futures linked to the Dow Jones Industrial Average fell 55 points, or about 0.2%. S&P 500 and Nasdaq-100 futures fell 0.1% and 0.04%, respectively.
The market is coming off a down session, with the S&P 500 falling 0.2% after reaching its highest level since August. The Dow and Nasdaq Composite also fell.
Apple contributed to the decline, as the iPhone maker briefly hit an all-time high earlier in the session, before finishing about 0.8% lower. The big tech company – which fluctuated between a 2.2% gain and a 1.6% loss on Monday – debuted its much-anticipated virtual reality headset and new software at its annual Worldwide Developer Conference on Monday. Stocks were up slightly after hours.
Apple’s conference also weighed in on other technology names, with Intel dropped more than 4% after Apple unveiled a new chip.
“If you’re a $3 trillion company, the dog is wagging its tail to some extent,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “Given the sheer size of its market cap, Apple will get its way with most of the broader indices.”
Elsewhere, bank shares fell on news that regulators are considering raising capital requirements for major banks. Goldman Sachs And bank of America each lost about 0.6% Monday, while Morgan Stanley slipped about 0.7% and JPMorgan stocks fell nearly 1%. The SPDR S&P Bank ETF fell about 2.2%.
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