After moving sharply lower over the two previous sessions, stocks may regain ground in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.5 percent.
Traders may look to pick up stocks at relatively reduced levels following the recent pullback, which dragged the Dow down to its lowest closing level in a month.
The major averages showed a particularly steep drop last Friday following the release of disappointing consumer sentiment data.
The recent weakness has pulled the S&P 500 down well off the record closing high reached at the end of the trading day last Wednesday.
Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of earnings news from Nvidia (NVDA).
The AI darling and market leader is scheduled to release its fourth quarter results after the close of trading on Wednesday.
Traders may also be reluctant to make more significant moves ahead of the release of the Federal Reserve’s preferred readings on consumer price inflation on Friday.
Stocks moved sharply lower over the course of the trading day on Friday, extending the pullback seen during Thursday’s session. The major averages all showed significant moves to the downside, with the Dow tumbling to its lowest closing level in a month.
The major averages moved roughly sideways going into the close, lingering near their worst levels of the day. The Dow plunged 748.63 points or 1.7 percent to 43,428.02, the Nasdaq dove 438.36 points or 2.2 percent to 19,524.01 and the S&P 500 slumped 104.39 points or 1.7 percent to 6,013.13.
With the steep drop on the day, the major averages also moved sharply lower for the holiday-shortened week. The Dow and the Nasdaq both plummeted by 2.5 percent, while the S&P 500 tumbled by 1.8 percent.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Monday, with the Japanese markets closed in observance of the emperor’s birthday. Hong Kong’s Hang Seng Index slid by 0.6 percent, while China’s Shanghai Composite Index dipped by 0.2 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index is up by 0.9 percent, the U.K.’s FTSE 100 Index is down by 0.3 percent and the U.K.’s FTSE 100 Index is down by 0.1 percent.
In commodities trading, crude oil futures are slipping $0.13 to $70.27 a barrel after tumbling $2.08 to $70.40 a barrel last Friday. Meanwhile, after edging down $2.90 to $2,953.20 an ounce in the previous session, gold futures are rising $11 to $2,964.20 an ounce.
On the currency front, the U.S. dollar is trading at 149.67 yen versus the 150.39 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0472 compared to last Friday’s $1.0458.
Business News
U.S. Stocks May Regain Ground In Early Trading
2025-02-24 13:44:36
