Stock futures are little changed after Dow posts four-day win streak: Live updates
U.S. stock futures flickered near the flatline Monday evening after the Dow Jones Industrial Average wrapped its fourth positive day in a row.
Dow futures inched lower by just 4 points, or 0.01%. S&P 500 futures ticked down by 0.02%, and Nasdaq 100 futures slipped 0.05%.
During Monday’s main trading session, the Dow rose nearly 0.5%, or 176.59 points. The S&P 500 gained 1%, and the Nasdaq Composite advanced roughly 1.2%; both indexes closed higher for a third consecutive session.
Investors carried over their bullish market sentiment from Friday, when the latest nonfarm payrolls data showed that job growth came in below expectations in April and unemployment ticked higher. The results alleviated concerns that the economy was too hot and raised optimism around rate cuts from the Federal Reserve.
To be sure, other conflicting economic data — such as an uptick in the employment cost index — means that there are still questions surrounding the actual trajectory of inflation, according to Rob Haworth, senior investment strategist, wealth management with U.S. Bank.
“I think the market is looking for a bit of a tiebreaker in terms of what’s happening with inflation,” said Haworth.
He added that he has become “a little more constructive” on his outlook due to ongoing economic strength. “Inflation is remaining persistent but not not accelerating to a problematic level. So we think there’s room to own risk assets here,” Haworth added.
Tuesday will be relatively quiet on the economic front, with just consumer credit data from March scheduled for release in the afternoon.
Meanwhile, Wall Street will be looking toward Disney‘s quarterly earnings report Tuesday morning. Swiss bank UBS, oil giant BP and Johnson & Johnson spinoff Kenvue are also scheduled to announce their results.
Don’t ‘sell in May and go away,’ says Carson Group’s Detrick
Carson Group chief market strategist Ryan Detrick believes the stock correction in April is now behind the markets, despite the common “Sell in May and go away” adage.
“Don’t just blindly invest in seasonality, but you tend to get a lot of strength in the summer of an election year,” Detrick told CNBC’s “Closing Bell” on Monday.
Detrick said he is overweight on cyclical stocks and added more exposure to industrials and financials last month. Mid-cap and some small-cap stocks could also see growth this year, the strategist added.
— Hakyung Kim
Stocks making the biggest moves after hours
Check out the companies making headlines in extended trading:
Palantir Technologies — Shares declined more than 8% after the company issued lighter-than-expected guidance for full-year revenue. First-quarter adjusted earnings were in line with expectations at 8 cents per share, per LSEG. Meanwhile, quarterly revenue of $634 million topped forecasts of $625 million.
Lucid Group — The electric vehicle maker tumbled around 10% following its first-quarter results. Despite posting a slight revenue beat, per LSEG, the company posted a loss of 30 cents per share, based on generally accepted accounting principles. Lucid also reaffirmed its 2024 production guidance of about 9,000 vehicles.
Hims & Hers Health — The telehealth consultation platform jumped 11.1% postmarket after revenue guidance for the second quarter surpassed analysts’ estimates. Hims & Hers sees revenue ranging between $292 million and $297 million, compared to analysts’ forecasts for $288 million, per LSEG. First-quarter results also came in ahead of Street estimates.
The full list can be found here.
— Hakyung Kim
Stock futures are marginally lower Monday
U.S. stock futures were little changed Monday evening.
Dow Jones Industrial Average futures slipped 8 points, or just 0.02%. S&P 500 and Nasdaq 100 futures also pulled back by less than 0.1% each.
— Hakyung Kim