Futures tied to the Dow Jones Industrial Average showed minimal movement, maintaining a flat trajectory. Similarly, futures linked to the S&P 500 and Nasdaq 100 experienced marginal declines, each dipping less than 0.1%.
This stagnation in futures activity followed a decline in the Dow by over 115 points, or 0.3%, during the initial trading session of June. In contrast, both the S&P 500 and Nasdaq Composite saw slight gains on Monday.
The subdued market sentiment was largely attributed to weak manufacturing data, which cast uncertainty on the ability of the economy to sustain growth amidst the Federal Reserve’s anticipation of inflation alleviation, potentially leading to interest rate adjustments.
Gabriela Santos, Chief Market Strategist for the Americas at JPMorgan Asset Management, shared insights on CNBC’s “Closing Bell,” emphasizing that while some investors may be apprehensive, the overall economic outlook remains robust.
Santos remarked, “For us, this is really a story of moderation in the overall pace of growth. But any time you’re moving to a lower altitude, you can have some slightly more choppy areas — some concern about too much deceleration.”
The week continued to unfold with a flurry of economic data, with April’s job opening and factory order figures scheduled for release at 10 a.m. ET on Tuesday, adding to the market’s focus and anticipation.
