Stock Market Today: Dow, Nasdaq Futures Slide To Kick Off September On A Weak Note—Nio, Signet, Zscaler In Focus
U.S. stock futures dropped on Tuesday following Friday’s negative moves. Futures of major benchmark indices were trading lower.
President Donald Trump warned on Monday that a record $15 trillion in planned investment in the U.S. would be “immediately cancelled” if courts are permitted to strike down his tariff policies.
The declaration comes in response to a recent U.S. appeals court ruling that deemed his administration’s broad use of tariffs unconstitutional.
Meanwhile, the 10-year Treasury bond yielded 4.27% and the two-year bond was at 3.65%. The CME Group's FedWatch tool‘s projections show markets pricing an 89.8% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
Futures
Change (+/-)
Dow Jones
-0.40%
S&P 500
-0.46%
Nasdaq 100
-0.60%
Russell 2000
-0.72%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Tuesday. The SPY was down 0.48% at $641.98, while the QQQ declined 0.65% to $566.69, according to Benzinga Pro data.
Cues From Last Session
With most sectors on the S&P 500 closing on a positive note, health care, real estate, and consumer staples stocks recorded the biggest gains on Friday.
However, information technology and consumer discretionary stocks bucked the overall market trend, closing lower. This contributed to U.S. stocks settling down for the day, with the Nasdaq Composite falling more than 1%. Despite the session’s weakness, all major indices recorded gains for August.
The 30-stock Dow gained more than 3% in August, while the S&P 500 recorded around a 2% surge. The tech-heavy Nasdaq also gained approximately 1.6% during the month.
On the economic front, the Personal Consumption Expenditures price index—the Fed’s broad measure of inflation—increased 2.6% from a year earlier in July, right in line with Wall Street expectations. U.S. personal income increased by 0.4% month-over-month to $25.905 trillion in July, while personal spending rose by 0.5% to $20.802 trillion.
Alibaba Group Holding Ltd. ADR (NYSE:BABA) shares jumped around 12.9% on Friday following the release of its fiscal first-quarter results, as the e-commerce giant reported revenue that exceeded analyst expectations. In contrast, Marvell Technology Inc. (NASDAQ:MRVL) shares dropped 19% after the company issued third-quarter sales guidance with a midpoint below estimates.
The Dow Jones index ended 92 points or 0.20% lower at 45,544.88, whereas the S&P 500 index fell 0.64% to 6,460.26. Nasdaq Composite declined 1.15% to 21,455.55, and the small-cap gauge, Russell 2000, tumbled 0.50% to end at 2,366.42.
Index
Performance (+/-)
Value
Nasdaq Composite
-1.15%
21,455.55
S&P 500
-0.64%
6,460.26
Dow Jones
-0.20%
45,544.88
Russell 2000
-0.50%
2,366.42
Insights From Analysts
Ryan Detrick, Chief Market Strategist at Carson Group LLC, warned ...
