U.S. stock futures fell on Monday after a nine-day winning streak on the S&P 500 index. Futures of major benchmark indices were lower in premarket.
The S&P 500 index notched a nine-day advance for the first time since November 2004 on Friday.
While aboard Air Force One, Donald Trump confirmed U.S. officials are engaged in trade discussions with Chinese counterparts, though he has no planned meeting with President Xi Jinping this week.
While the Chinese have proposed the concept of special envoys, the U.S. is reluctant, favoring direct negotiations between Trump and Xi. However, the Chinese view this proposal as “risky and uncertain”, reported the South China Morning Post.
Investors will also keep an eye on the Federal Reserve’s decision on interest rates this week.
Meanwhile, the 10-year Treasury bond yielded 4.31% and the two-year bond was at 3.82%. The CME Group’s FedWatch tool‘s projections show markets pricing a 98.2% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.66% |
| S&P 500 | -0.77% |
| Nasdaq 100 | -0.89% |
| Russell 2000 | -0.88% |
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 Monday. The SPY was down 0.70% to $562.82, while the QQQ declined 0.84% to $484.74, according to Benzinga Pro data.
Cues From Last Session:
Bolstered by strong performances in financial, communication services, and industrial stocks on Friday, U.S. markets finished the week higher for all major averages.
The S&P 500, which recorded its ninth consecutive day of gains, the longest since Nov. 2004, and added 2.9% for the week, saw contrasting movements with health care and consumer staples declining on Friday. The Dow gained 3% and the Nasdaq rose 3.4% for the week.
After the end of the nine-day streak, the S&P 500 index was out of the correction zone, just down 7.5% from its record high of 6,147.43 points, scaled on Feb. 19. Dow Jones was 8.33% lower than its 52-week high of 45,073.63 points and Nasdaq 100 was 9.54% lower than its previous high of 22,222.61 points.
Strong jobs data and rising factory orders buoyed the market. Nonfarm payrolls exceeded forecasts at 177,000, easing tariff-related hiring concerns, while the unemployment …