Stock Futures Fall as Investors Return From Long Weekend
U.S. stock futures fell on Tuesday as investors looked ahead to a week including corporate earnings from Nvidia and minutes from the last monetary policy meeting of the Federal Reserve, which could advance the narrative on inflation and interest rates.
Futures for the Dow Jones Industrial Average dropped 115 points, or 0.3%, after the index fell 145 points last Friday to finish at 38,627. S&P 500 futures shed 0.3% with contracts tracking the tech-heavy Nasdaq down 0.4%. The yield on the benchmark 10-year U.S. Treasury note hovered at 4.28%.
American investors return from the Presidents Day long weekend on Tuesday to a week that holds catalysts for tech stocks and the market at large.
“Global markets have been subdued over the last 24 hours given the U.S. holiday,” said Jim Reid, a strategist at Deutsche Bank.
With stocks sitting near all-time highs—recently driven higher by the continued frenzy over artificial intelligence—AI chipmaker Nvidia’s earnings due Wednesday are in sharp focus to keep the tech stock rally going. The outlook for inflation and interest rates, another dominant narrative for markets, is also in the spotlight on Wednesday, when traders will scour the latest Fed meeting minutes for clues on when and by how much central bank officials expect to cut rates.