After Going Up On Monday, Stock Futures Are Now Flat

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Tuesday morning saw little movement in U.S. stock futures despite gains in all three of the major averages for the previous day’s trading session. Futures for the Dow Jones Industrial Average remained steady. For the first time since late April, the 30-stock index finished above its 200-day moving average on Monday.

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Futures for the S&P 500 and Nasdaq 100 fell 0.15% and 0.21%, respectively. After-hours trading saw a more than 5% decline in ZipRecruiter shares after the firm cut its revenue forecast. After the real estate broker lowered its outlook and failed estimates for quarterly sales, its shares fell by over 13%. Energy and financials first caused markets to decline at the start of regular trading on Monday as a result of poor economic indicators from China and the revelation that the nation’s central bank had unexpectedly lowered interest rates.

After Going Up On Monday, Stock Futures Are Now Flat
After Going Up On Monday, Stock Futures Are Now Flat

Consumer discretionary, communication services, and consumer staples sectors gained later in the day, helping the markets bounce back and turn positive. However, some do not view the most recent increases as the beginning of a new bull cycle but rather as a bear market rebound. According to Peter Boockvar, chief investment officer of Bleakley Advisory Group, “I think people are not being attentive enough to this economic slowdown and what it’s going to imply for business earnings and profit margins” on CNBC’s “Fast Money.”

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Major retailers are scheduled to report in the upcoming week, giving investors additional earnings announcements to anticipate. Tuesday’s earnings announcements are expected to come from Home Depot and Walmart. On Wednesday, Target and Lowe’s will release their quarterly earnings. Investors will also be keeping a close eye on this week’s Federal Reserve meeting minutes, which may provide additional information about how the central bank will increase interest rates in the future to control inflation.

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