Tuesday, July 16, 2024

Stock futures drop after Dow Jones returns 600 points


Stock futures fell in overnight trading on Monday as markets struggled to sustain a rebound after weeks of losses.

Futures on the Dow Jones Industrial Average were down 100 points, or 0.3%. S&P 500 futures dropped 0.69% and Nasdaq 100 futures fell 1.33%.

Video Zoom Shares rose 6% in extended trading after sharing strong guidance for the second quarter Snap shares fell more than 28%. As the company said It’s comforting that earnings and revenue targets are not met in the current quarter and warning of a hiring slowdown.

The moves came as markets saw a rebound from a heavy market sell-off last week, which saw the Dow for the first time in eight consecutive weeks of losses since 1923 and the S&P 500 briefly plunged into bear market territory on a daily basis.

Stocks rose during the regular trading session on Monday as the Dow jumped 618 points, or nearly 2%, after a week of steep losses. The S&P 500 is up 1.9% and the Nasdaq Composite is up 1.6%.

These moves have left investors wondering if the bounce can continue or if it is another slight rally amid the ongoing selling that has not yet bottomed.

“This kind of environment where you have a huge impact and very big up and down volatility is a trading environment where on any given day you can feel like you were wrong yesterday and that’s a good fit for making mistakes,” Sofi’s head of investment strategy told Liz Young. Closing: Overtime” on CNBC.

Bank stocks contributed to Monday’s gains, led by JPMorgan, which… It jumped 6.2% after the company said it would reach key targets earlier than expected With the help of higher prices. VMware shares are up nearly 25% on the news Broadcom is reportedly in talks to get a more visible service provider.

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Monday’s market recovery was broad based, with 11 positive sectors led by the financial sector. The sector gained 3.23% and had its best day since March 9.

Investors look forward to new home sales and Federal Reserve Chairman Jerome Powell’s speech at the National Center for American Indian Enterprise Development Summit on Tuesday. Nordstrom, Best Buy and Ralph Lauren are also scheduled to report earnings.

Rosario Tejeda
Rosario Tejeda
"Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver."