Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

US pre-open: Futures trade lower following Presidents' Day break

(Sharecast News) - Wall Street futures were in the red ahead of the bell on Tuesday as market participants prepared to return from the Presidents' Day long weekend. As of 1300 GMT, Dow Jones futures were down 0.30%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.34% and 0.51% lower, respectively.

The Dow closed 145.13 points higher on Friday but still turned in its first lowing week in more than a month on the back of fears that the Federal Reserve may not look to cut interest rates at quite the pace investors had hoped to see.

Trade Nation's David Morrison said: There's not much point in talking about yesterday's moves in US stock index futures given the holiday-truncated session. But overnight there's been a cooling in positive sentiment and all the major US indices are lower. The S&P 500 has broken back below 5,000 for the first time since Wednesday, although it's far too early to say if this is the start of a bigger correction or just a mild bout of profit-taking.

"The yield on the 10-year Treasury note has fallen a few ticks, but it's only giving back a small fraction of its gains from last week. Bond yields flew higher as investors recalibrated the timing and size of rate cuts in 2024. This follows on from hawkish comments from FOMC members and an uptick in both CPI and PPI."

In the corporate space, Home Depot beat projections for its quarterly profit performance, even as sales came in lower than anticipated.

Elsewhere, retail giant Walmart revealed that it will acquire TV-maker Vizio for $2.3bn, while Capital One Financial traded lower in pre-market in the back of news that it will reportedly purchase Discover Financial Services in an all-stock deal worth $35.3bn.

No major macro news was slated for publication on Tuesday.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Asia report: Markets fall amid fresh Middle East unrest
(Sharecast News) - Markets across the Asia-Pacific region saw a notable downturn on Friday, following news of a limited strike by Israel in Iran.
Europe open: Shares fall as Israel attacks Iran; Oil, gold rise
(Sharecast News) - European stocks tumbled at the open on Friday after Israel launched an attack on Iran in the latest escalation of hostilities between the two since Tel Aviv attacked the Iranian consulate in Syria.
London pre-open: Sharp falls expected after Israel retaliates
(Sharecast News) - UK stocks are expected to drop sharply on Friday morning after a flare-up of tensions in the Middle East.
US close: Stocks finish mostly lower as bond yields climb
(Sharecast News) - US stocks were mostly lower on Thursday with the S&P 500 and Nasdaq falling for the fifth straight day as another rise in bond yields dampened risk appetite

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.