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US pre-open: Futures lower following Dow's worst week since October
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Monday as traders looked ahead to all-important inflation readings later in the week. As of 1320 GMT, Dow Jones futures were down 0.35%, while S&P 500 and Nasdaq-100 futures were 0.31% and 0.44% lower, respectively.
The Dow closed 68.66 points lower on Friday as the blue-chip index wrapped up its worst week since October.
Market participants will be bracing themselves for February's consumer and producer price index readings, due out on Tuesday and Thursday, respectively, some of the last major macro figures before the Federal Reserve meets for their next monetary policy meeting.
Trade Nation's David Morrison said: "Will Friday's pullback prove to be enough to shake out the weaker hands? Or should traders expect a larger correction? This is the big question, and much depends on any change in sentiment we may see after we get the latest US inflation updates tomorrow and Thursday. Tesla, once the investor-favourite, also had a big week. Unfortunately, Tesla is most definitely out of favour as things stand, having lost over 13% last week, taking its losses for this year alone to 29%. The EV maker has lost over half its value since it peaked in November 2021. Is the sell-off overdone? Is NVIDIA's rally overheated? Maybe that's the trade now, buy Tesla and sell NVIDIA. It could work if overall sentiment remains broadly positive. But it's also extremely high risk looking back at the volatility we've previously seen in both stocks.
"Friday's Non-Farm Payroll release was 'Goldilocks' when revisions were taken into account - not too hot, not too cold. In addition, Average Hourly Earnings rose less than expected, while the Unemployment Rate crept up, thanks in part to a jump in jobseekers coming back into the market. Overall, the numbers reinforced the current forecast of a 25 basis point Fed rate cut in June."
No major data points were scheduled for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
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