Stock futures trading cautiously higher after volatile Monday session
3 weeks ago
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U.S. equity futures are cautiously higher ahead of the Tuesday trading session.
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DOW JONES AVERAGES
NASDAQ COMPOSITE INDEX
U.S. stocks pulled back from their recent record highs on Monday, the first day of trading in the new year, as big swings return to Wall Street at the onset of a year where the dominant expectation is for a powerful economic rebound to sweep the world.
“With the seven-day average new cases still hanging in the 600 K zone globally, few are likely expecting the market to be spared the resurgence of COVID-19 fears,” said Jingyi Pan, senior market strategist at IG in Singapore.
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“Certainly, with the amalgamation of factors ranging from the U.K.’s third nationwide lockdown announcement, U.S. hospitalizations surging to a record and Tokyo mulling a state of emergency, these had all been evidence of the still raging pandemic inducing the risk-off mood to start the year for U.S. indices," Pan said.
The S&P 500, which ended 2020 at an all-time high, slid 1.5% after earlier dropping as much as 2.5%. It was the benchmark index's biggest decline since late October. Technology companies accounted for a big share of the sell-off, along with industrial, communication services, health care and other stocks. Only the S&P 500's energy sector managed to eked out a gain.