Stock futures inched down as investors came off a losing month.
Futures tied to the Dow Jones Industrial Average lost 69 points, or 0.2%. S&P 500 futures slid 0.3%, while Nasdaq-100 futures dipped 0.4%.
The moves come as Wall Street closed out a losing February for stocks. The Dow led the averages down, closing the month down 4.19%. The S&P 500 and Nasdaq Composite shed 2.61% and 1.11%, respectively.
February’s slide helped drag the Dow into negative territory for the year, while the other two indexes are still holding onto their gains.
The decline marked a turn from January’s rally and was prompted in part by the bombshell jobs data that came in the first week of the month, according to Keith Buchanan, senior portfolio manager at Globalt Investments. Nonfarm payrolls increased by 517,000 in January, according to the report, which crushed the 187,000 estimated by economists polled by Dow Jones.
“There was a turning point that we can all point to,” Buchanan said. “The market had a moment where participants realized that perhaps the labor market is tight enough to continue to set the stage for increasing hawkishness.”
Investors will watch for economic data on construction and manufacturing coming after the market opens Wednesday. Consumer-focused companies including Lowe’s and Kohl’s are set to report before the bell. Technology names Salesforce, Okta and Snowflake are reporting after the market closes.
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