Futures for the Dow Jones Industrial Average (^DJI) fell 0.4%, while those for the S&P 500 (\GSPC) fell 0.5%. With a 0.7% decrease, futures on the tech-heavy Nasdaq 100 (^NDX) led the losses.
After a rocky start to 2024, investors are looking to quarterly banking sector earnings and forthcoming retail data to keep the trend continuing. All three major markets concluded Friday with weekly gains.
Following their Christmas vacation on Monday, Goldman Sachs (GS) and Morgan Stanley (MS) kick off earnings season once more. Following a difficult year for their dealmaking industry, investors are watching what the most recent reports from Bank of America (BAC) and Wells Fargo (WFC) reveal after their results on Friday failed to excite them.
Ahead of the retail sales report on Wednesday, investors are keeping tabs on every announcement that can have an impact on the Federal Reserve’s data-driven policy decisions. The unexpected decline in US wholesale inflation last week raised expectations for a March interest rate decrease.
More hints will probably be provided by Fed Governor Chris Waller’s remarks, which are expected later on Tuesday. This comes after senior IMF official and Atlanta Fed head Raphael Bostic cautioned against declaring victory over inflation too soon.
Corporate shares of Tesla (TSLA) fell following CEO Elon Musk’s statement that he would rather develop robots and artificial intelligence goods elsewhere unless he had about 25% voting power at the EV manufacturer.