Spencer Platt | fake images
Stock futures fell Monday night after the major averages took a break from their latest hot streak.
Futures linked to Dow Jones Industrial Average fell 43 points, or 0.1%. S&P 500 Futures and Nasdaq 100 Futures each lost 0.1%.
In after-hours action, the actions of GitLab jumped 16%. Open source software development platform moves forward top and bottom lines in the third quarter and issued strong guidance for the current quarter.
During regular trade on Monday, the Nasdaq Composite fell 0.8% as technology companies fell across the board. Nvidia and Intel fell 2.7% and 3.2%, respectively. Alphabet also lost nearly 2%, while Meta stock lost 1.5%. The pullback came after five consecutive positive weeks for the three major averages. He S&P 500 and the 30 actions Dow they fell 0.5% and 0.1%, respectively.
Meanwhile, small-cap stocks outperformed the rest of the market, with the Russel 2000 recording a 1% profit. The small-cap index has enjoyed a nearly 7% gain over the past month, raising hopes of a growing market rally as traders are confident that the Federal Reserve will begin to taper. rates next year despite recent hawk comment of the central bank.
However, investors should temper their expectations for stock gains going into 2024, according to Jason Heller, senior executive vice president at Coastal Wealth.
"We believe there are few upside catalysts for stocks given elevated interest rates, softening consumers and subdued earnings expectations," Heller said. "We expect the stock to remain in a tight trading range."
While the Federal Reserve is currently in a "blackout period" Which means there will be limited comment from central bank officials, Wall Street has more to look towards on the economic front. Traders will be watching for the latest Job Openings and Labor Turnover Survey report on Tuesday morning.
