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The negative cloud that has enveloped the market in the new year apparently hasn’t lifted, as index futures point to a lower opening on Monday. The grounding of Boeing Co.’s (NYSE:BA) 737 MAX 9 jets following an accident involving one of its kind has impacted sentiment toward all airline stocks, dragging the Dow futures sharply lower. Traders may also prefer to stay cautious ahead of a duo of inflation reports due later this week and the kickstart of the big bank earnings Friday.
Cues From Past Week’s Trading:
U.S. stocks pulled back in the week ended Jan. 5, with the Fed hinting through the December monetary policy meeting minutes that rate cuts may not be imminent. Bond yields resumed their climb amid the hawkish message. The market participants also expressed wariness over the valuations of mega-cap tech stocks ahead of the fourth-quarter reporting season.
Techs and small-cap stocks served as drags as the averages stalled a nine-week winning streak.
US Index Performance In Week Ended Jan. 5
Index Performance (+/-) Value
Nasdaq Composite -3.25% 14,524.07
S&P 500 Index -1.52% 4,697.24
Dow Industrials -0.59% 37,466.11
Russell 2000 -3.75% 1,951.14
Analyst Color:
Volatility will likely be the name of the game in the new year, going by comments from Commonwealth Financial Network Chief Investment Officer Brad McMillan. ”While conditions are good, volatility looks likely,” said the analyst.
“Looking forward to the new year, we are still not ...