MARKET SNAPSHOT: Dow Futures Slip With Traders On Presidents Day Break
20 February 2018 - 3:24AM
Dow Jones News
By Victor Reklaitis, MarketWatch
Analyst: 'Last week's turnaround marked a positive inflection
point'
U.S. stock futures were trading lower on Monday, reversing
Friday's mostly upbeat action, though analysts warned against
reading too much into the moves, given traders are off for
Presidents Day.
American stock markets and the bond market are closed for the
holiday, and there are no economic releases expected, as federal
agencies are shuttered.
Check out:Which markets are closed on Presidents Day?
(http://www.marketwatch.com/story/which-markets-are-closed-on-presidents-day-2018-02-14)
What are the main benchmarks doing?
Dow Jones Industrial Average futures shed 133 points, or 0.5%,
to 25,103, while S&P 500 futures gave up 12.50 points, or 0.5%,
to 2,722.50. Nasdaq-100 futures fell by 19.75 points, or 0.3%, to
6,767.
Last week, the Dow and S&P 500 both gained 4.3%
(http://www.marketwatch.com/story/dow-ready-to-hold-above-25000-as-us-stocks-line-up-best-week-more-than-a-year-2018-02-16),
while the Nasdaq Composite jumped by 5.3%, as each equity gauge
snapped a two-week losing streak.
The Dow and S&P 500 on Friday logged their sixth straight
advance, with each gauge ending less than 0.1% higher, while the
Nasdaq finished down 0.2% for the session.
The three benchmarks are up between 2% and 4.9% for the year,
helped by factors such as growth in corporate profits and an
expanding U.S. economy, though they're holding below their January
all-time highs.
What are strategists saying?
"Equity markets started off the week on a lackluster note, and
the absence of important news flows encouraged dealers to exit the
equity markets," said David Madden, a CMC Markets UK analyst, in a
note.
"Whenever a major player like the U.S. is on holidays, the thin
volumes can lead to exacerbated moves, which are unlikely to be a
true reflection of the market," Madden added.
"By our analysis, the S&P 500's uptrend is intact," said Ari
Wald, an Oppenheimer & Co. technical analyst, in a note. "Last
week's turnaround marked a positive inflection point similar to
November 2016 and August 2017."
Read:The stock market's new 'wall of worry' is built on
inflation and rate fears
(http://www.marketwatch.com/story/the-stock-markets-new-wall-of-worry-is-built-on-inflation-and-rate-fears-2018-02-17)
What are other assets doing?
European stocks
(http://www.marketwatch.com/story/european-stocks-tilt-lower-after-strong-week-as-traders-search-for-cues-2018-02-19)were
lower, while Asian markets mostly gained
(http://www.marketwatch.com/story/asian-markets-continue-to-push-higher-its-kind-of-a-relief-rally-2018-02-18),
though several bourses in that region remained shuttered for the
Lunar New Year holiday.
See:Why the stock market may not play dead in the Year of the
Dog
(http://www.marketwatch.com/story/why-the-bull-market-may-not-play-dead-in-the-year-of-the-dog-2018-02-15)
Gold futures
(http://www.marketwatch.com/story/gold-futures-dip-as-dollar-steadies-2018-02-19)pulled
back, as oil futures
(http://www.marketwatch.com/story/crude-futures-rise-as-supply-fears-wait-in-the-wings-2018-02-19)and
the ICE U.S. Dollar Index
(http://www.marketwatch.com/story/dollar-steadies-versus-rivals-in-holiday-thinned-trade-2018-02-19)gained.
(END) Dow Jones Newswires
February 19, 2018 11:09 ET (16:09 GMT)
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