HomeFinancial MarketsFutures Start Week Lower, Halting Rally

Futures Start Week Lower, Halting Rally

Futures on the New York Stock Exchange fell on Monday, with the benchmark S&P 500 closing 0.4% lower than Friday when they hit their highest level since the start of 2023. Contracts listed on the Dow Jones Industrial Average fell 0.3% while those on the tech-heavy Nasdaq Composite slumped by as much as 0.5%.

The recent stock rally largely rested on investors’ beliefs that the Federal Reserve would start to cut rates early next year, with Fed Chair Jerome Powell’s warnings that this may take more time doing little to dampen investor confidence. Treasury yields have also continuously declined as a result.

Investors will now look toward Friday’s November jobs report to further gauge the US economic climate. This data could have a further impact on the trajectory of the stock market depending on if it supports the notion that the Fed is done with its tight fiscal policy.

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