Stock futures were trading lower on Monday morning as investors are awaiting a series of key economic data and keeping an eye on the Federal Reserve’s increase in interest rates.
Dow Jones Industrial Average declined by 131 points. Nasdaq 100 Futures and S&P 500 fell 0.58% and 0.42% respectively.
The Dow and S&P shown increase in the previous session to end their second straight winning week. The Dow Jones gained 153 points and the S&P 500 moved up by 0.5%. The Nasdaq Composite declined by 0.2% but still ended the week on a higher note.
Edward Moya, senior market analyst at Oanda said, “It seems the skyrocketing move higher with commodity prices has taken a break and that has allowed investors a chance to pile back into equities. Geopolitical risks remain very elevated and the rally in equities over the past two weeks is impressive. The U.S. economy is still in good shape, but buying every stock market dip probably won’t be the attitude for most traders going forward given how hawkish the Fed has turned.”
Investors are awaiting the Job Openings and Labor Turnover Survey (JOLTS) in this week. ADP will release its private payrolls data ahead of the monthly jobs report on Friday. And several big firms including Micron, BioNTech, and Walgreens Boots Alliance will also report their quarterly results in this week. Investors and Fed will closely monitor all the key reports to be released in this week.
