Traders on the floor of the New York Stock Exchange.
Source: NYSE
US futures fell slightly on Sunday night, as Wall Street seemed to recover from a lost week.
Dow Jones industrial average futures fell 78 points, or 0.2%. Those for the S&P 500 and Nasdaq 100 lost 0.3% and 0.4%, respectively.
The move into the future comes after the three major indices lost ground last week. The Dow and S&P 500 fell on Friday to end the week down 0.5% and 0.8%, respectively, breaking the two-week winning streak. The Nasdaq Composite rose on Friday, but ended the week with a loss of 0.8%.
Stock struggles came as bond yields rose again last week, pressing stocks of technology and growth that drove the market back from its pandemic-triggered sale last year. On Sunday, futures contracts for the price of the 10-year treasury bill rose, indicating lower yields.
Even with last week’s weakness, the S&P 500 and Dow are still close to records, and the Nasdaq is not too far away. Darrell Cronk, investment director at Wells Fargo’s Wealth Far and Investment Management, said the stock market still seems to be on track for several years.
“If you went down the list and started putting check-check-check-check boxes, you would look at this in a vacuum … and say it looks like an early recovery cycle that is about a year old probably a number of years to run, “Cronk said.
Optimism about the markets and the path of the US economy has grown as vaccines are spreading across the country, with the pace of Americans getting photos rising in recent weeks. However, several states are seeing an increase in Covid-19 cases.
Over the weekend, the industrial sector produced major news about companies. The Canadian Pacific Railway has announced that it will buy Kansas City Southern through a $ 25 billion deal, creating a rail giant that connects Canada, the United States and Mexico.
In terms of economic data, investors will take another look at the real estate market on Monday, when the National Association of Realtors will launch sales of existing homes in February. Economists surveyed by the Dow Jones predict a decline of 2.8%.