U.S. stock futures declined on Monday after a small bout of relief on Friday as indices neared the correction zone. Futures of all four benchmark indices fell in premarket trading.
President Donald Trump, on Sunday, did not rule out the possibility of a recession this year. Acknowledging the potential of short-term turbulence from his economic agenda, he expressed confidence in future prosperity. In a Fox News interview, he said, “I hate to predict things like that” and called the changes being brought about by his administration as “very big.”
Meanwhile, China responded with retaliatory tariffs on U.S. agricultural goods including its largest import from the U.S. — Soybeans.
Investors will watch out for the inflation data slated to be released this week on Wednesday.
Meanwhile, the 10-year Treasury yield stood at 4.24%, while the two-year yield was at 3.94%. According to the CME Group’s FedWatch tool, there is a 97% chance that the Federal Reserve will keep interest rates unchanged for the March meeting.
| Futures | Change (+/-) |
| Nasdaq 100 | -1.22% |
| S&P 500 | -1.15% |
| Dow Jones | -0.95% |
| Russell 2000 | -1.04% |
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. SPY lost 1.03% to fall at $570.00 level, and QQQ declined 1.12% to $486.26, according to Benzinga Pro data.
Cues From The Last Session
Utilities, information technology, and energy sectors led Friday’s U.S. stock gains, pushing the Dow Jones over 200 points higher. However, consumer staples and financials declined, countering the broader market’s positive trend.
Despite Friday’s rally, all major indices recorded weekly losses: the S&P 500 fell 3.1%, its worst week since September, the Dow dropped 2.4%, and the Nasdaq tumbled 3.5%. Last week, Nasdaq 100 entered the correction territory on Friday, falling nearly 10% from its last high, which eased to 9.1% after Friday’s sessions, whereas the S&P 500 was 6.1% lower from its last record.
Economic data revealed a mixed picture, with February’s jobs report showing a moderate increase of 151,000 jobs, below expectations, and a surprise rise in the unemployment rate to 4.1%.
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