Dow Futures Slip After Snapping 8 Weeks of Loss

By Oliver Gray – Dow futures traded lower during Monday’s evening deals as U.S. markets remained closed for a public holiday, with investors retreating following last week’s impressive rebound of 6.2%.

By 6:55pm ET (10:55pm GMT) Dow Jones Futures and S&P 500 Futures were down 0.3% apiece while Nasdaq 100 Futures fell 0.4%.

Looking ahead in the week, market participants will be monitoring fresh nonfarm payrolls data as well as ISM Manufacturing and Services PMIs. Corporate earnings results are also set to continue, with Inc (NYSE:CRM), Helmerich and Payne Inc (NYSE:HP) and Victoria’s Secret&Co (NYSE:VSCO) expected to report on Tuesday after the bell.

Last week, the Dow Jones Industrial Average closed up 6.2%, snapping an eight-week losing streak. The S&P 500 gained 6.5%, and the NASDAQ Composite gained 6.8% on the week, ending positive after seven continual weeks of losses. Investors cheered as consumer spending surpassed expectations in April, while the closely watched core PCE inflation rate eased further, bolstering expectations that the Fed will not embark on more aggressive interest rate hikes.

On the bond markets, United States 10-Year yields were at 2.806%.

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