U.S. stock futures moved lower Monday night after the major averages staged a big reversal to start the month.
Dow Jones Industrial Average futures fell 40 points, or 0.1%. S&P 500 and Nasdaq 100 futures dipped 0.1% and 0.2%, respectively.
Earlier in the day, the major averages posted a wild up-and-down session with the Nasdaq Composite rising 1.63% in a late-day comeback, despite falling as much as 1.07% earlier in the day. The S&P 500 rose 0.57% after hitting a new 2022 low earlier in the session.
Meanwhile, the Dow Jones Industrial Average gained 84 points, or 0.26%. At its session lows, the Dow was down more than 400 points.
Those moves come on the back of a brutal month in April for stocks. April was the worst month since March 2020 for the Dow and S&P 500. It was the worst month for the Nasdaq since 2008.
The benchmark 10-year Treasury yield also climbed to a new milestone on Monday. The bond yield hit 3.01% during the session, its highest point since December 2018.
«I think it's really hard to try to pick bottoms in the market or pick tops in the market,» Tim Lesko, director and senior wealth advisor at Mariner Wealth Advisors, said Monday on CNBC's «Closing Bell.» «I think what we're seeing is that in the long run, we've got a very high allocation to stocks, people are starting to rebalance and there's some competition for stock now in the marketplace.»
Wall Street is largely expecting interest rates to be raised 50 basis points at the Federal Reserve meeting this week. Some investors believe expectations of aggressive monetary tightening from the central bank are already priced into markets.
«With financial conditionings tightening as they are, we think the Fed is going to be slightly more dovish than the market
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