Flat start for June on Wall Street

Business | 2 Jun 2021 7:04 am

U.S. stock index futures were little changed during overnight trading on Tuesday, following muted action on the first day of June, CNBC reports.

Futures contracts tied to the Dow Jones Industrial Average slid 13 points. S&P 500 futures and Nasdaq 100 futures were slightly lower.

During regular trading, the Dow gained 47 points, or 0.14 percent, after rising by more than 300 points at one point. The S&P broke a three-day win streak to close down just 2 points. The Nasdaq Composite was the relative underperformer, shedding 0.09 percent for its second negative session in three.

Despite the muted action, there were some gainers during the session, notably in stocks connected to the reopening. Airline and cruise operator companies saw their stocks jump as coronavirus infectios in the U.S. continue to decline.

Inflation fears, and the ways in which the Federal Reserve might respond, have weighed on sentiment recently, although the major averages are still hovering around all-time highs.

“Markets remain strong,” said Cliff Hodge, chief investment officer for Cornerstone Wealth. “Economic growth is robust, monetary conditions remain extremely easy and consumers are flush with cash from stimulus as virus cases fall and the economy reopens.”

The S&P 500 and Dow are down by 0.8 percent and 1.5 percent, respectively, from their May records. The Nasdaq has a little more ground to make up following a rotation out of growth-oriented areas of the market. The tech-heavy index is currently 3.3 percent from its April all-time high.


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