U.S. stocks appear on track to start the new week on the back foot, with index futures modestly lower early Monday. As the S&P 500 trades slightly shy of its record high, traders may show reluctance to add to their positions, especially ahead of the week’s labor market data. Regional manufacturing activity data and speeches by Federal Reserve officials, including one from Chair Jerome Powell, could also have a bearing on the trading direction.
Sentiment may be marred by the looming strike by the International Longshoremen’s Association that is expected to stall activity in ports from New England to Texas, potentially crippling supply chains. In a note to clients, fund manager Louis Navellier said, “Even a two-week Longshoreman strike would disrupt holiday sales and supply chains for drugs and other essential products.”
Futures
Performance (+/-)
Nasdaq 100
-0.10%
S&P 500
-0.05%
Dow
-0.08%
R2K
-0.53%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) eased 0.03% to $571.29 and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.04% to $486.55, according to Benzinga Pro data.
Cues From Last Week:
U.S. stocks rose for a third straight week as traders bet on the continuation of the rally into the fourth quarter as the Fed delivers on its promise. The Chinese efforts to stimulate the economy set in motion buying in China-exposed stocks, while positive reaction to Micron Technology, Inc.’s (NASDAQ:MU) earnings boosted the tech space.
The Dow Industrials finished the week at fresh intraday and closing highs, while the S&P 500 settled just shy of its all-time highs.
Index
WeeklyPerformance (+/)
Value
Nasdaq Composite
+0.95%
18,119.59
S&P 500 Index
+0.63%
5,738.17
Dow Industrials
+0.59%
42,313.00
Russell 2000
-0.14%
2,224.70
Insights From Analysts:
The solid September gains bring both good and bad news for the market, according to Carson Group Chief Investment Strategist Ryan Detrick. The S&P 500 Index ...
