U.S. stock futures fell on Monday, following a holiday-shortened week that ended with a mixed performance on Thursday. Major benchmark indices were trading lower in the premarket session.
Chinese Ministry of Commerce warned its trading partners of retaliation in case of Beijing’s isolation by the U.S. “It should be pointed out in particular that China firmly opposes any party reaching a deal at the expense of China’s interests,” said the Ministry spokesperson, according to a translated version of the statement.
If the trading partners try to isolate Beijing, “China will never accept it and will resolutely take countermeasures in a reciprocal manner.”
Meanwhile, the 10-year Treasury bond yielded 4.36% while the two-year bond was at 3.75%. The CME Group’s FedWatch tool‘s projections show markets pricing an 89% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.91% |
| S&P 500 | -1.06% |
| Nasdaq 100 | -1.18% |
| Russell 2000 | -1.86% |
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 1.07% to $520.79, while the QQQ declined 1.17% to $438.87, according to Benzinga Pro data.
Cues From Last Session:
While several S&P 500 sectors posted gains on Thursday, led by energy, consumer staples, and real estate, the broader U.S. market mostly closed lower.
The Dow Jones marked its third consecutive day of losses. All major indices finished the shortened week in the red, pressured by steep declines in technology and health care.
The downturn was largely influenced by declines in information technology stocks like Nvidia Corp. (NASDAQ:NVDA), down around 3%, and health care stocks like UnitedHealth Group Inc. (NYSE:UNH), which plummeted over 22% after disappointing earnings and guidance.
Meanwhile, Eli Lilly And Co. (NYSE:LLY) soared over 14% on positive weight-loss drug trial data.
Economic data from Thursday showed a decline in housing starts, a drop in jobless claims, and a sharp contraction in the Philadelphia Fed Manufacturing Index.
By Thursday’s market close, the S&P 500 had fallen 14.1% from its record high of 6,147.43. The Dow Jones was down 13.15% from its 52-week peak, and the Nasdaq 100 had dropped 17.84% from its high.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -0.13% | 16,286.45 |
| S&P 500 | 0.13% | 5,282.70 |
| Dow Jones | -1.33% | 39,142.23 |
| Russell 2000 | 0.92% | 1,880.62 |
Insights From Analysts:
According to the data shared by Ryan Detrick from Carson Research, “the best and worst days tend to occur near the same time.”
He cautioned the investors with a graph of best and worst days and said, “So once again, if you sell after the worst days, odds are the best days are right around the corner.”