US stock futures creep lower as Fed jitters, Apple inspire profit-taking
Investing.com-- US stock index futures fell in evening deals on Monday, extending declines in Wall Street as uncertainty over the path of U.S. interest rates saw traders step back from recent record highs.
Risk aversion before “Super Tuesday”- where 15 states are set to vote in the Presidential Election Primaries- also factored into market losses, with the event expected to set up a rematch between incumbent President Joe Biden and his predecessor Donald Trump.
S&P 500 Futures fell 0.1% to 5,132.75 points, while Nasdaq 100 Futures fell 0.2% to 18,232.0 points by 19:12 ET (00:12 GMT). Dow Jones Futures fell 0.1% to 38,974.00 points.
Wall Street indexes had fallen from record highs on Monday, hit chiefly by losses in technology stocks as Apple Inc (NASDAQ:AAPL) fell 2% on receiving a massive, $2 billion antitrust fine in Europe.
Losses in Apple also spurred broader profit-taking in tech, which was sitting on a stellar rally amid increased optimism over artificial intelligence.
The S&P 500 fell 0.1% to finish at 5,130.95 points, while the NASDAQ Composite fell 0.4% to 16,207.51 points. The Dow Jones Industrial Average fell 0.3% to 38,989.83 points, although all three indexes remained within sight of record highs hit last week.
Markets were awaiting fresh cues on monetary policy from Federal Reserve Chair Jerome Powell, who is set to offer a two-day testimony before Congress on Wednesday and Thursday.
Analysts expect Powell to largely maintain a hawkish tilt and reiterate his stance that the central bank needs more convincing that inflation is nearing its annual 2% target.
Several Fed officials warned against bets on early rate cuts by the central bank, citing concerns over sticky inflation and resilience in the U.S.
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