Traders work on the floor of the New York Stock Exchange during morning trading on September 23, 2024 in New York City.
Michael M. Santiago | Getty Images
Stock futures were little changed Monday night after a day of losses on Wall Street as rising oil prices and bond yields weighed on the market.
Dow Jones Industrial Average futures fell 33 points. S&P 500 futures and Nasdaq 100 futures also traded almost flat.
After-hours trading occurs after the day the stock price becomes negative. The Dow Jones Industrial Average ended the day down nearly 400 points, and the S&P 500 index fell nearly 1%. Technology stocks took the brunt of Monday’s decline, pushing the Nasdaq Composite down about 1.2%.
Rising bond yields are putting downward pressure on the market. Notably, the yield on the 10-year U.S. Treasury rose above 4%, the highest level since early August. Bond yield and price are inversely proportional to each other.
West Texas Intermediate crude oil futures above $77 per barrel also had a negative impact on the stock market. But energy stocks rose along with commodities, becoming the only sector among the 11 sectors that make up the S&P 500 to end Monday’s session in the green.
Stocks have been weak in recent days, making for a rocky start to the new trading month and quarter. Investors are increasingly worried about escalating conflict in the Middle East after Iran launched a missile attack on Israel early last week.
But markets rebounded after Friday’s blockbuster jobs report, with the three major indexes posting their fourth straight week of positive results. The Dow Jones Industrial Average also hit a new all-time high on Friday.
“Initially, the market rallied on some really good economic news,” Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report, said of the labor market data. “I think what we’re finding now is that the market is adjusting to higher bond yields.”
Investors will focus on Tuesday’s economic data on small businesses and the trade deficit. It will also monitor speeches scheduled throughout the day by central bank leaders, including Boston Fed President Susan Collins and Atlanta Fed President Rafael Bostic.
