Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 1, 2023 in New York City.
Michael M. Santiago | Getty Images
U.S. stock futures fell slightly on Sunday night after back-to-back weekly losses for the Dow Jones Industrial Average and the S&P 500.
Dow futures fell by 70 points, or about 0.2%. S&P 500 futures and Nasdaq 100 futures fell by 0.21% and 0.27% respectively.
The S&P 500 and Dow lost 0.3% and 1.1%, respectively, last week. At the same time, the Nasdaq Composite rose 0.4 percent. The broader market index fell as poor sentiment around the US economy weighed on investor sentiment.
“The weak parts of the market remain weak and unable to rally, while the strong parts of the market are extended and vulnerable,” BTIG’s Jonathan Krinsky said in a Friday note.
Wall Street on Friday absorbed a preliminary reading from the University of Michigan last week that showed consumer sentiment fell to a six-month low. Also the focus was negotiations on the debt ceiling when the United States approaches the so-called “X date” or when the government may go bankrupt without raising the debt limit to pay its bills. CNBC reported a meeting between President Joe Biden and congressional leaders on the subject moved to this week.
On Monday, investors will be watching May data for the Empire State Index, which will show how New York state manufacturers feel about the economy. Economists polled by Dow Jones expect a reading of 1.0, which would be lower than the 10.8 level in previous data.
Traders also expect information on China’s industrial production and retail sales.