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Traders work on the floor of the New York Stock Exchange during afternoon trading on September 5, 2024.
Michael M. Santiago | Getty Images
Stock futures fell after that Dow Jones Industrial Average His longest losing streak since 2018.
Futures linked Dow They have dropped 80 points, or about 0.2%. S&P 500 futures fell by 0.2%, on the other hand Nasdaq-100 futures lost 0.1%.
The movements of the night followed mixed session on Wall Street. The Dow fell 0.25%, or nearly 111 points, falling for the eighth straight day for the first time since June 2018. Nasdaq Composite It gained 1.2% and hit a fresh intraday high, meanwhile S&P 500 it increased almost 0.4%.
These moves came without the cooperation of market supporters Nvidiawhich has gone back 1.7%. The chip giant’s shares are down more than 4% this month, even as broader indexes and semiconductor names Broadcom he touched new heights. the alphabet, the apple and Tesla Monday also saw all-time highs, while the S&P’s technology and consumer discretionary sectors closed at records.
Traders await the Federal Reserve’s next rate decision, which is expected at the end of the central bank’s two-day policy meeting in 2024 on Wednesday. The reunion starts on Tuesday.
Traders are pricing in a 95% chance of a quarter-point cut on Wednesday, according to CME Group’s Fed Watch tool. The outlook for future policy moves from the meeting and Chairman Jerome Powell’s post-meeting press conference, however, remain the main focus on Wall Street.
As 2024 draws to a close, investors also remain focused on hopes for a year-end upside after another strong performance in stocks that pushed all major indices to new highs.
“The market likes to put up a wall of worry,” CFRA chief investment strategist Sam Stovall said Monday on CNBC “Closing Bell: Overtime.” “Historically, after a year in the S&P 500, you want to let your winners ride.”
Since 1990, he noted, the three major sectors in a calendar year outperform by about 300 basis points in the following year on average 75% of the time. But the potential for tariffs under the new administration of President-elect Donald Trump could be cause for concern heading into 2025.
“If you’re going to worry about anything, it’s that tariffs aren’t words, they’re truisms, and that we’re actually going to create barriers to trade,” Stovall said. “If that’s the reality, I think it could be a very big problem.”
