US stocks trending lower hours before Monday’s opening bell

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US stocks trending lower hours before Monday’s opening bell

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U.S. equity futures are trading lower ahead of Monday’s trading session on Wall Street after several choppy sessions last week as investors parsed a higher-than-expected inflation reading last Tuesday.

Stocks in this Article

$34687.85

-299.17 (-0.86%)

$14427.236932

-115.90 (-0.80%)

A good part of the pullback on Wall Street was attributable to declines in big technology stocks, like Apple and Amazon, as well as banks and companies that rely on consumer spending. Energy and industrial stocks also helped drag the market down, outweighing gains in health care and utilities companies.

The S&P 500 fell 32.87 points, or 0.8%, to 4,327.16. It ended the week with a 1% loss. The Dow Jones Industrial Average dropped 299.17 points, or 0.9%, to 34,687.85. The tech-heavy Nasdaq composite slid 115.90 points, or 0.8%, to 14,427.24.

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The Russell 2000

US equity futures are trading lower ahead of Tuesday’s opening bell following Monday’s gains

Check out what’s clicking on FoxBusiness.com.

U.S. equity futures are trading lower ahead of Tuesday’s opening bell following Monday’s gains led by shares of industrial and financial stocks, which tend to be sensitive to changes in the economic outlook.

Stocks in this Article

$33876.97

+586.89 (+1.76%)

$14141.480379

+111.10 (+0.79%)

Federal Reserve Chair Jerome Powell says the economy is growing at a healthy clip, and that has accelerated inflation. In written testimony to be delivered at a congressional oversight hearing Tuesday, Powell reiterated his view that inflation’s recent jump to a 13-year high will prove temporary.

Powell’s remarks follow a meeting of the Fed’s policymaking committee last week, when central bank officials signaled they were prepared to raise rates earlier than they had previously suggested.

POWELL SAYS ECONOMY GROWING RAPIDLY, INFLATION UP ‘NOTABLY’

On Monday, the S&P 500 snapped 1.4% higher, to 4,224.79, recovering nearly three-quarters of its worst weekly loss