June 16, 2024

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Stock futures are down slightly after Monday’s gains

Stock futures are down slightly after Monday's gains

US stock futures are down slightly on Tuesday morning after gaining the three major averages during the daily trading session.

Dow Jones Industrial Average futures were flat. On Monday, the 30th stock index closed above its 200-day moving average for the first time since late April. S&P 500 and Nasdaq 100 futures were down 0.12%.

shares ZipRecruiter It fell more than 5% in after-hours trading when the company cut its revenue forecast. shares compass It fell nearly 13% after the real estate broker lost its quarterly revenue forecast and cut its forecast.

At the start of regular trading on MondayInitially, the energy and financial sector pushed the markets lower following weak economic reports from China and news that the country’s central bank had unexpectedly cut interest rates. Later in the day, markets rebounded and turned positive when consumer goods, telecom services and consumer discretionary stocks rose.

However, some see the recent gains as a bearish market rally rather than the start of a new bullish cycle.

“I think people are not sensitive enough to this economic slowdown and what it will mean for corporate earnings and profit margins,” Peter Bokfar, chief investment officer at Bleakley Consulting Group, said on CNBC.quick money. “

Investors have more earnings releases to look forward to next week as major retail traders prepare to report. Home Depot and Walmart are scheduled to release results before the bell on Tuesday. Target and Lowe’s will report quarterly results on Wednesday.

This week, investors will also be watching the minutes of the Federal Reserve’s July meeting, which may give more clues about how the central bank can raise interest rates to tame inflation going forward.

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