U.S. stock futures fell on Tuesday after snapping a nine-day winning streak on the S&P 500 index. Futures of major benchmark indices were lower in premarket.
After a remarkable 20-year high winning streak, the S&P 500 saw stocks decline on Monday. This reversal was triggered by two key statements from President Donald Trump: his proposal for a 100% tariff on foreign-made films and his announcement that he would not be discussing trade with Chinese President Xi Jinping this week.
Investors are keeping an eye on the Federal Reserve’s decision on interest rates, which is slated to be announced on Wednesday.
Meanwhile, the 10-year Treasury bond yielded 4.36% and the two-year bond was at 3.81%. The CME Group’s FedWatch tool‘s projections show markets pricing a 96.8% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.54% |
| S&P 500 | -0.77% |
| Nasdaq 100 | -0.91% |
| Russell 2000 | -0.98% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Tuesday. The SPY was down 0.82% to $558.89, while the QQQ declined 1.12% to $480.49, according to Benzinga Pro data.
Cues From Last Session:
Energy, consumer discretionary, and information technology sectors led Monday’s decline on the S&P 500, contributing to the index snapping a nine-session winning streak.
Bucking this trend, consumer staples stocks closed slightly higher.
Despite Monday’s losses, the major averages still recorded gains for the second consecutive week ended Friday: the S&P 500 rose by 2.9%, the Dow by 3%, and the Nasdaq by 3.4% for the week.
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