US stocks tend to fall a few hours before Monday’s opening bell

U.S. Equity Futures are trading lower ahead of Monday’s trading session on Wall Street after several choppy sessions last week, with investors analyzing higher-than-expected inflation last Tuesday.

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$ 34,687.85

-299.17 (-0.86%)

$ 14427.236932

-115.90 (-0.80%)

Much of Wall Street’s pullback was attributable to declines by big tech stocks, like Apple and Amazon, as well as banks and companies that rely on consumer spending. Energy and industrials also helped pull the market down, offsetting the gains of health care and utility companies.

The S&P 500 lost 32.87 points, or 0.8%, to 4,327.16. He ended the week with a loss of 1%. The Dow Jones Industrial Average lost 299.17 points, or 0.9%, to 34,687.85. The high-tech Nasdaq composite slipped 115.90 points, or 0.8%, to 14,427.24.

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The Russell 2000 Small Business Index outperformed the market as a whole, losing 27.06 points, or 1.2%, to 2,163.24. The index, which had outperformed the rest of the market for much of 2021, rose only 9.5% for the year, well below the S&P 500’s 15.2% gain since the start of the year. the year.

Shares of COVID-19 vaccine maker Moderna rose 10.3% after the drugmaker was added to the S&P 500 index, sparking a rush to buy from fund managers who maintain portfolios that replicate the index.

In some positive economic news last week, Americans spent more last month on clothing, electronics and dining out as the economy opened up and there were fewer restrictions related to the pandemic .

Retail sales in the United States were up 0.6% seasonally adjusted in June from the previous month, the US Department of Commerce said on Friday. The increase surprised Wall Street analysts, who had expected sales to decline slightly last month.

Investor attention is now turning to earnings. Most companies will publish their results this week and the following weeks. Expectations are high, with S&P 500 earnings expected to be up 64% from a year earlier, according to FactSet.

Meanwhile, Asian stocks fell across the board on Monday, as pessimism set in after the surge in COVID-19 infections regionally and Wall Street’s first weekly loss after three weeks of gains.

Japan’s Nikkei 225 benchmark lost nearly 1.2% early in the session to 27,677.60. South Korea’s Kospi slipped 0.9% to 3,247.68. The Australian S & P / ASX 200 fell 1.2% to 7,261.60. The Hong Kong Hang Seng fell 1.6% to 27,561.41, while the Shanghai Composite edged down 0.5% to 3,523.01.

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“Asian stocks look poised for a weak start,” said Yeap Jun Rong, market strategist at IG. “This comes as investors look beyond positive catalysts such as outperforming corporate earnings, focusing on several risk factors,” such as higher inflation and more cases of COVID-19.

Epidemics are on the rise in Indonesia, Malaysia and Thailand, as well as parts of Japan, including Tokyo, where the Olympics are expected to open on Friday. The first cases among athletes from the Olympic Village were confirmed on Sunday.

“The more transmissible delta variant delays the recovery of ASEAN economies and pushes them further into the doldrums,” said Venkateswaran Lavanya, of Mizuho Bank in Singapore, referring to countries in Southeast Asia.

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In energy trading, benchmark US crude fell 74 cents to $ 71.07 a barrel. Brent crude, the international standard, fell 82 cents to $ 72.77 a barrel.

In currency trading, the US dollar fell to 109.90 Japanese yen from 110.08 yen. The euro cost $ 1.1803, compared to $ 1.1805.