Stock futures fell on Monday as Wall Street struggled to maintain momentum from Friday's gains.
S&P500 futures It fell 0.5%. Nasdaq-100 Futures fell 0.6%. Dow Jones Industrial Average Futures Decreased by 174 points (0.4%).
Adding pressure to futures prices was a rise in U.S. Treasury yields. The benchmark 10-year Treasury yield rose nearly 3 basis points to 4.008%. This is the first time since August that yields have exceeded 4%.
The futures move comes after a bumpy week for stocks, with major averages posting modest gains. The S&P 500 rose 0.2% for the week, the Nasdaq Composite rose 0.1% and the Dow rose 0.1%.
All three averages rose for the fourth consecutive week as Friday's better-than-expected jobs report further supported the Federal Reserve's view that the U.S. economy could achieve a “soft landing.” It was a victory. Following the news, the Dow Jones Industrial Average closed at a record high.
“There are two old Wall Street adages: Don't fight the trend, and don't fight the Federal Reserve. …These remain one of the two important pillars of today's stock market.” Wealth co-chief investment officer Keith Lerner said in the article. Be careful on Friday.
However, Lerner warned that market volatility could remain high in the coming weeks due to the looming US presidential election and the possibility of a so-called “October surprise.”
Tensions remain high in the Middle East region, and investors will be keeping an eye on international news this week.
On the economic front, important announcements over the coming week include Wednesday's Federal Reserve Board minutes and Thursday's Consumer Price Index report. Earnings season is starting to heat up. delta airlines and JP Morgan Chase They are scheduled to be released on Thursday and Friday respectively.
