Stock futures fell in trading on Monday night as markets struggled to maintain a return after weeks of losses.
Dow Jones Industrial Average futures fell 100 points, or 0.3%. Futures on the S&P 500 fell 0.69% and on the Nasdaq 100 by 1.33%.
Shares of Zoom Video jumped 6% in expanded trading after sharing strong guidance for the second quarter, while shares of Snap fell more than 28% as the company said it was preparing to miss earnings and revenue targets for the current quarter and warned of delays in hiring.
The momentum came as markets began to recover from last week’s sharp market sell-off, in which the Dow hit its first eight-week loss since 1923 and the S&P 500 briefly hit bear market territory on an intraday basis.
Shares rose during the regular trading session on Monday after the Dow jumped 618 points, or nearly 2%, after a week of sharp losses. The S&P 500 rose 1.9 percent and the Nasdaq Composite rose 1.6 percent.
The moves made investors wonder if the rebound could be sustained or if it was another slight relief amid a relentless sell-off that has not yet bottomed out.
“This kind of environment in which you have the ups and downs that are so great is a trading environment where you can feel every day as if you made a mistake yesterday and that it is ripe for mistakes,” said the head of investment strategy. of Sofi Liz Young told CNBC “Closing Bell: Overtime”.
Shares of banks contributed to Monday’s JPMorgan-led gains of 6.2 percent after the company said it would reach key targets earlier than expected with rising interest rates. Shares of VMware jumped nearly 25% after news that Broadcom reportedly was in talks to acquire the cloud service provider.
The market rally on Monday was wide-ranging, with 11 positive sectors driven by financial indicators. The sector added 3.23% and marked its best day of March 9th.
Investors are expecting new home sales and a speech by Fed Chairman Jerome Powell at the summit of the National Center for the Development of American Indians on Tuesday. Nordstrom, Best Buy and Ralph Lauren must also report profits.
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