Nasdaq 100 futures retreated on Sunday evening as Wall Street turned its attention to the start of the second quarter.
Nasdaq 100 futures shed 0.36%, while S&P 500 futures slid 0.22%. Futures for the Dow Jones Industrial Average were little changed.
The moves in futures come ahead of the first trading day of the second quarter on Monday. All three major averages were positive in the first quarter, despite turmoil in the banking sector highlighted by the collapse of Silicon Valley Bank in March.
The Nasdaq Composite led the way with a gain of 16.8% as tech stocks rebounded from a brutal slide last year. It was the index’s best stretch since the second quarter of 2020.
Meanwhile, the S&P 500 rose 7% in the first three months of the year for its second-straight positive quarter. The Dow industrials lagged but still managed to grind out an advance of 0.4%.
“For now at least, tech is seen as a safe haven of all things, immune to the news in banking. The S&P 500, in turn, seems held together by its own heavy weighting in Tech, names like Microsoft, Apple and the like,” Wellington Shields technical analyst Frank Gretz said in a note to clients.
The first week of the new quarter is a shortened one for Wall Street, as trading will be closed for Good Friday. However, there will be several key pieces of economic data for investors, including job openings data on Tuesday, ADP private payrolls report on Wednesday and the closely watched monthly jobs report on Friday.
One factor that traders will be watching this week is energy, as oil futures jumped on Sunday evening following an announcement of production cuts from Saudi Arabia and other OPEC+ members.
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