Stock Market Today: Nasdaq 100, Dow Futures Fall After Friday's Rally—Intel, PDD, Keurig Dr Pepper In Focus
U.S. stock futures fell on Monday following Friday’s advances. Futures of major benchmark indices were lower.
On Friday, Federal Reserve Chair Jerome Powell gave Wall Street—and Main Street—a reason to celebrate. In a closely watched speech at the Fed’s annual Jackson Hole conference, Powell sent a clear signal that the central bank is preparing to shift its stance on interest rates as early as next month.
President Donald Trump launched a national security investigation into furniture imports into the United States, aimed at reshoring jobs and promoting domestic manufacturing in the sector.
Meanwhile, the 10-year Treasury bond yielded 4.26% and the two-year bond was at 3.71%. The CME Group's FedWatch tool‘s projections show markets pricing an 87.3% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
Futures
Change (+/-)
Dow Jones
-0.19%
S&P 500
-0.24%
Nasdaq 100
-0.35%
Russell 2000
-0.05%
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 Monday. The SPY was down 0.20% at $644.01, while the QQQ declined 0.27% to $570.42, according to Benzinga Pro data.
Cues From Last Session
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, energy, and communication services stocks recording the biggest gains on Friday.
However, consumer staples stocks bucked the overall market trend, closing the session lower.
Shares of Workday Inc. (NASDAQ:WDAY) fell around 3% on Friday after the company reported second-quarter results and issued third-quarter sales guidance below estimates. Additionally, the company announced it will acquire Paradox.
Shares of BJ's Wholesale Club Holdings Inc. (NYSE:BJ) fell more than 8% on Friday after the company reported a second-quarter revenue miss.
On the economic data front, the Baker Hughes oil rig count fell by 1 to 411 in the latest week.
The Dow Jones index ended 846 points or 1.89% higher at 45,631.74, whereas the S&P 500 index rose 1.52% to 6,466.91. Nasdaq Composite advanced 1.88% to 21,496.54, and the small-cap gauge, Russell 2000, gained 3.86% to end at 2,361.95.
Index
Performance (+/-)
Value
Nasdaq Composite
1.88%
21,496.54
S&P 500
1.52%
6,466.91
Dow Jones
1.89%
45,631.74
Russell 2000
3.86%
2,361.95
Insights From Analysts
Following Federal Reserve Chair Powell’s pivotal speech at Jackson Hole, market analysts see a significant dovish shift, with most interpreting ...
