Stock futures are little changed after major averages finish higher in volatile session
U.S. stock index futures were little changed in overnight trading Monday, after a wildly volatile session that saw the Dow erase a more than 1,100 point decline to finish the day in positive territory.
Futures contracts tied to the Dow Jones Industrial Average gained 19 points. S&P 500 futures were flat, while Nasdaq 100 futures dipped 0.1%.
During regular trading, the Dow gained 99 points, or 0.3%, and snapped a six-day losing streak. At the lows of the day, the 30-stock benchmark shed 3.25%. The S&P 500 advanced 0.28% for its first positive session in five, after losing nearly 4% earlier in the day. At one point the benchmark index fell into correction territory, dropping 10% from its Jan. 3 record close.
The Nasdaq Composite rose 0.6%, reversing a 4.9% decline from earlier in the day. The comeback was the first time the tech-heavy index clawed back a 4% loss to end higher since 2008.
«The buyers are coming in to buy the dip here,» Lindsey Bell, Ally's chief money and markets strategist, said Monday on CNBC's «Closing Bell.» «Things looked a little bit over-stretched to the oversold side, so it's not surprising. But that doesn't mean we are going to be in the clear… there's a lot that we have going on this week,» she said
Ultimately, Bell said volatility is here to stay until the Fed begins hiking rates.
The Federal Reserve Open Market Committee will begin its two-day meeting on Tuesday, with an interest rate decision slated for Wednesday at 2 p.m. ET. The Fed is not expected to begin hiking rates just yet, so investors will be watching for an indication of when the Fed will begin hiking rates, and the pace of those hikes.
«We're in what I call the triple threat of… rapidly rising rates, and the market has been working
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