Stock futures edged lower Monday evening on the heels of another sharply negative day for US equities. The S&P 500 closed out the regular session lower for a fourth straight day, marking its longest losing streak since February.
Still, the three major averages pared declines strongly by market close, helping undo some of the damage at session lows. The Dow, off more than 900 points at its worst moment on Monday, recovered to close lower by 500 points, or 1.8%. The Nasdaq was off as much as 2.5% Monday afternoon before closing near the flat line by the end of the day.
A blend of uncertainty around the election, a worsening coronavirus situation in Europe and parts of the US, scrutiny over big banks and concerns that further economic stimulus may not come to near-term fruition have combined to weigh heavily on equity investors, sending the S&P 500 now more than 8% below its Sept. 2 closing high. And while many tech stocks on Monday shook off earlier losses to close higher, the group as a whole has been under press the past few weeks following a run-up earlier this summer. The unwinding process has continued to
told Yahoo Finance.
In terms of whether equities may slide further, “We think you have further to go,” Emanuel added. “We’re keying off the 200-day moving average to the S&P 500, currently at about 3,100 versus 3,250 or so where we are, so certainly more there, and likely a bit more than that in the Nasdaq, which really had gotten ahead of itself.”
^VIX) has hovered in and around 30 essentially since March,” he said, referring to the volatility-tracking index that spiked to as high 82 in March before easing. “And when you back that out, that’s part of why the markets advanced as much as they did. But when you’re thinking about how much the market should correct, you know, a normal sort of 5% to 10% correction in the S&P 500 was appropriate in a Vix environment of, call it 15 to 20. We’re in a higher volatility environment – probably means probably pullback in our view.”
House Financial Services Committee on Tuesday.” data-reactid=”26″>Investors also continued to eye updates on fiscal stimulus, though prospects of another package passing through Congress before the November elections have dimmed. Congressional lawmakers may direct questions around the pace of the economic recovery, and seek commentary around monetary and fiscal stimulus developments from Federal Reserve Chair Jerome Powell and US Treasury Secretary Steven Mnuchin on Tuesday, with both set to testify before the House Financial Services Committee on Tuesday.
—
6:13 p.m. ET Monday: Stock futures slip after volatile session
Here were the main moves in equity markets, as of 6:14 p.m. ET Monday:
-
S&P 500 futures (ES=F): 3,273.00, down 2 points or 0.06%
-
Dow futures (YM=F): 27,035.00, down 20 points or 0.07%
-
Nasdaq futures (NQ=F): 10,969.75 down 19.25 points, or 0.18%
—
Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.” data-reactid=”46″>Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.
Find live stock market quotes and the latest business and finance news
For tutorials and information on investing and trading stocks, check out Cashay
