Traders walk the floor during morning trading at the New York Stock Exchange on May 14, 2024.
Spencer Platt | Getty Images
Stock futures are near flat Monday night after the technology-heavy Nasdaq Composite closed at an all-time high.
Futures connected to the Nasdaq 100 slipped 0.1%. Dow Jones Industrial Average futures lost just 27 points, while S&P 500 futures also sat near its flatline.
In after-hours action, Palo Alto Networks dropped more than 8%. While beating expectations for both lines in the fiscal third quarter, the cybersecurity company delivered current-quarter guidance that was only in line with consensus forecasts of analysts polled by LSEG.
Those moves come after a mixed day on Wall Street. The Nasdaq Composite notched a new intraday and closing high. The index was lifted by Nvidia, which rallied 2.5% as investors geared up for the artificial intelligence titan’s Wednesday earnings report. The broad S&P 500 inched up nearly 0.1%.
But the blue-chip Dow slipped almost 200 points, or 0.5%. The 30-stock index was dragged down by a 4.5% drop in JPMorgan after CEO Jamie Dimon said his retirement may be sooner than expected and that the financial giant would not repurchase many shares at their current prices.
Monday’s action follows a notable week on Wall Street amid renewed hopes about the state of inflation and monetary policy. The Dow ended Monday’s session below the closely watched 40,000 level, after closing above it for the first time last week.
“The disinflation story is still intact,” said Keith Buchanan, portfolio manager at Globalt Investments.
“The market’s going to continue to drift higher if earnings can confirm the stickiness of the corporate profitability,” he added. But “that could lead to a market where we could be somewhat range bound, perhaps even drift lower.”
In that vein, investors will monitor speeches from several Federal Reserve speakers including Governor Christopher Waller, Richmond Fed President Tom Barkin and Atlanta Fed President Raphael Bostic. Traders will be watching closely for any insights into the future path of interest rates.
Economic data on nonmanufacturing is also due Tuesday. On the earnings front, investors will follow reports expected from retailers Lowe’s and Macy’s before the bell.
Source Agencies
