U.S. S&P 500 futures displayed minimal movement during Sunday night, following another week of losses for the major market indices.
Futures linked to the broader index slightly decreased by 0.13%. Dow Jones Industrial Average futures experienced a minor dip of 30 points, equivalent to a 0.09% decline. In parallel, Nasdaq 100 futures saw a decrease of 0.12%.
Palo Alto Networks surged by 11% in after-hours trading, responding to earnings results released late on Friday that surpassed analysts’ expectations. Despite this positive surge, the stock had witnessed a 16% decrease over the course of the month, as of Friday’s closing.
The past week concluded with a mixed session on Friday. The Dow Jones Industrial Average managed a modest increase of 25.83 points, reflecting a 0.07% gain. However, the S&P 500 edged down slightly by 0.01%, and the Nasdaq Composite experienced a decline of 0.2%.
Nonetheless, the major indices faced weekly declines, as the summer doldrums affected Wall Street. The Nasdaq Composite marked a 2.6% decrease for the week, facing a three-week downward trend for the first time since December. Simultaneously, the Dow experienced a 2.2% decline, marking its most challenging performance since March. The S&P 500 followed suit, dropping by 2.1% and undergoing its third consecutive weekly decline, a pattern unseen since February.
Investors grappled with increased bond yields and China-related weaknesses that cast a shadow over the markets during what is typically a subdued season. However, on Friday, bond yields did show signs of moderating from recent highs.
Regarding this, Quincy Krosby, Chief Global Strategist at LPL Financial, remarked, “The S&P 500 is situated in a state of short-term oversold conditions, encompassing various aspects such as investor sentiment and more intricate indicators.”
Despite the aforementioned challenges, the upcoming week is poised for significant market events. The market eagerly awaits the latest quarterly results from key artificial intelligence player Nvidia, scheduled for Wednesday. Additionally, investors are anticipating an address on Friday morning by Federal Reserve Chair Jerome Powell at the central bank’s annual symposium in Jackson Hole, Wyoming.
