US pre-open: Futures lower following record closes for S&P 500, Nasdaq
By Iain Gilbert
Date: Monday 04 Mar 2024
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Monday after both the S&P 500 and Nasdaq Composite closed out the previous session at all-time highs.
As of 1310 GMT, Dow Jones futures were down 0.26%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.16% and 0.09% lower, respectively.
The Dow closed 90.99 points higher on Friday despite some weak economic data.
Trade Nation's David Morrison said: "US stock indices are directionless this morning. But Nvidia continues to shine. It rallied sharply at the end of last week, and is up an additional 1.2% in early trade this morning. That means it has tacked on around 8% from Wednesday''s close and is trading at a new record high. The fourth quarter earnings season is drawing to a close with 97% of S&P 500 constituents having now reported. Analysis from FactSet shows that the latest S&P P/E ratios are above both their five and ten-year averages, suggesting some overvaluation. Bullish sentiment coupled with FOMO suggests that the path of least resistance is still up. But bear in mind that sentiment can change quickly and often without warning."
On the macro front, Federal Reserve Bank of Philadelphia president Patrick Harker will deliver a speech at 1600 GMT.
Later in the week, market participants will turn to ADP's employment survey and job openings data on Wednesday, while Friday will mark the release of both manufacturing and nonfarm payrolls data.
No major corporate earnings were slated for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
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