Stock market today: Dow, S&P 500, Nasdaq futures slip after tough week as Bessent dents hopes
US stock futures stalled on Monday as comments from Treasury Secretary Scott Bessent unsettled markets getting ready for this week’s Federal Reserve policy meeting.
S&P 500 futures (ES=F) dropped 0.1%, while Dow Jones Industrial Average futures (YM=F) fell 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) traded broadly flat, reviving from sharper losses earlier in premarket.
The gauges are coming off a week that saw the benchmark S&P 500 (^GSPC) enter into correction territory and the Dow book its worst weekly performance since March 2023. Markets have been buffetted by economic concerns and continuing uncertainty over President Trump’s unpredictable tariff policy.
Bessent inflamed those worries on Sunday when he told NBC that he’s not worried about the recent sell-off in stocks, saying, “Corrections are healthy”. He also said there are “no guarantees” the US will avoid recession. His comments weighed on Wall Street’s hopes that Bessent would spur the Trump administration to temper its policies to help rescue stocks.
5,627.50
–
(-0.22%)
As of 7:52:50 AM EDT. Market Open.
ES=F YM=F NQ=F
Wall Street will be focused on the Federal Reserve in the coming week, looking to its decision on interest rates and Chair Jerome Powell’s thoughts on the path forward — and on the general health of the US economy. The expectation is that the Fed will hold rates steady, so investors will closely watch the Fed’s latest “dot plot,” which maps out policymakers’ expectations for the rate path going forward.
Meanwhile, February retail sales are set for release on Monday, giving a state of play for the American consumer. Economists expect a bounce back from January’s 0.9% drop, looking for a 0.6% rise. The pulse check comes after the University of Michigan’s latest consumer sentiment survey showed a souring of consumer faith in Trump’s economy.
Quarterly earnings results are due this week from Nike (NKE), Getty (GETY), FedEx (FDX) and General Mills (GIS), among others.
In an event that could herald change for the beleaguered AI sector, Monday brings Nvidia’s (NVDA) annual GTC conference, which has the potential to reveal stock-shifting developments in new tech.
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