Business

Futures drop after Dow moves back to 600


Futures fell in overnight trading on Monday as the market struggled to sustain a bounce after weeks of losses.

Dow Jones Industrial Average futures fell 110 points, or 0.34%. S&P 500 futures fell 0.69% and Nasdaq 100 futures fell 1.33%.

Video Zoom Shares rose 6% in extended trading after sharing strong guidance for the second quarter while Snap stock plummeted more than 28% as the company said it is bracing to miss its earnings and revenue targets for the current quarter and warn of a hiring slowdown.

The moves come as markets recover from last week’s steep sell-off that saw the Dow hit its first eight-week losing streak since 1923 and the S&P 500 plunge into bear market territory in a short time.

Shares rallied in regular trading Monday as the Dow gained 618 points, or nearly 2%, after a week of sharp declines. The S&P 500 rose 1.9% and the Nasdaq Composite added 1.6%.

The moves left investors wondering if the rally could hold or if it was another small rally amid the relentless sell-off that has yet to bottom out.

“The kind of environment where you have so many ups and downs is a trading environment where you can feel on any given day like you were wrong yesterday and it’s a ripe time for mistakes. mistake,” Sofi’s head of investment strategy Liz Young told CNBC “Closing Bells: Overtime.”

Bank shares contributed to Monday’s gains led by JPMorgan, up 6.2% after the company said it would hit key targets sooner than expected with the help of rising exchange rates. VMware shares up nearly 25% on news Broadcom is said to be in talks to acquire cloud service provider.

Monday’s market rally was broad-based, with 11 sectors positive, led by the financial sector. The industry is up 3.23% and has its best day since March 9.

Investors are looking forward to new home sales and a speech by Fed Chairman Jerome Powell at the National Center for American Indian Enterprise Development summit on Tuesday. Nordstrom, Best Buy and Ralph Lauren are also expected to report earnings.



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