US pre-open: Futures mixed after Monday's losses
By Iain Gilbert
Date: Tuesday 10 Dec 2024
(Sharecast News) - Wall Street futures were little changed ahead of the bell on Tuesday as both the S&P 500 and Nasdaq Composite retreated from their record highs.
As of 1230 GMT, Dow Jones futures were down 0.07%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.07% and 0.19% firmer, respectively.
The Dow closed 240.59 points lower on Monday, extending losses recorded in the previous session after November's jobs report pointed to stronger-than-expected growth last month.
Trade Nation's David Morrison said: "Investors were left shocked and reeling after the big four major US stock indices ended lower yesterday. More seriously, the losses were both modest and uniform across the majors. Both the S&P 500 and Nasdaq ended down 0.6%, which represented the largest daily decline since mid-November. Equities sold off soon after the US open. And while they failed to bounce back later in the session, they spent most of the evening going sideways. Given the US stock market rally since early November, a touch of profit-taking seems well overdue, particularly as the year-end approaches.
"The market has gone a long time without a significant correction to push out the weaker hands and establish more attractive levels from which to go long again. Could one be brewing, or will dips, such as they are, continue to be buying opportunities? US stock index futures markets were mixed this morning. It could be that traders sit on their hands ahead of tomorrow's key US CPI release."
On the macro front, the National Federation of Independent Business' small optimism index jumped to 101.7 in November for the highest reading since June 2021, up from 93.7 in October and ahead of expectations for a reading of 94.2.
In the corporate space, software giant Oracle traded lower on the back of Q2 earnings that fell short of expectations on the Street.
Still to come, GameStop and Dave & Buster's Entertainment will both report earnings on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
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