A trader works on the floor at the New York Stock Exchange on Dec. 2, 2024.
Brendan Mcdermid | Reuters
Stock futures were calm on Sunday evening, with Dow riding a seven-day losing streak into a week highlighted by a key central bank meeting.
Futures tied to the Dow Jones Industrial Average ticked up 31 points, or less than 0.1%. S&P 500 futures were also up less than 0.1%. Nasdaq 100 futures dipped by less than 0.1%.
The stock market is coming off a sluggish week. The Dow lost 1.8% last week and has lost ground in each of the last seven sessions. The S&P 500 dipped 0.64%, and has retreated in four of the past five sessions. The Nasdaq Composite outperformed, grinding out a gain of 0.34% for the week.
After a broad rally following President-elect Donald Trump’s November win, the stock market appears to have reverted to a narrow tech-led move in recent days.
“The breadth that we’re seeing is really starting to dissipate a bit. It’s becoming a much more concentrated rally within a few names. And I don’t know how long that can sustain, but there’s a chance that carries forward through at least the end of the year,” Joe Mazzola, Charles Schwab’s head trading and derivatives strategist, said on Friday’s “Closing Bell: Overtime.”
The main draw of this week is the Federal Open Market Committee’s meeting on Tuesday and Wednesday, when Federal Reserve officials are widely expected to lower the benchmark interest rate again.
On Monday, investors will get some updated economic data, with preliminary purchasing managers index readings due out before the bell.
And on the individual stock level, shares of MicroStrategy could be on the move after the bitcoin proxy was announced as a new addition to the Nasdaq 100 index.
