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US stocks are coming off a lackluster week and early indications suggest a reversal in sentiment in the new trading week. While rising bond yields could be a cause of concern, the recent weakness could trigger bargain-hunting-related buying.
Cues From Past Week’s Trading:
The major averages closed the holiday-shortened week ended Feb. 24 on a markedly downbeat note, retreating to their lowest since late January. The weakness stemmed from “higher interest for longer” fears amid some data points that came in stronger than expected and the hawkish minutes of the Jan. 31-Feb. 1 Fed meeting.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq Composite | -3.33% | 11,394.94 | |
| S&P 500 Index | -2.67% | 3,970.04 | |
| Dow Industrials | -2.99% | 32,816.92 |
Analyst Color:
Analysts suggest there could be more downside following the recent moderation in the year’s rally. “As we head into a seasonally weak period, with bets rising that the Fed may go with a 50bps increase instead of a 25bps in March, though still a minority opinion, the short-term market risk remains to the downside despite three straight weeks of losses,” said fund manager Louis Navellier.
See Also: Best Futures Brokers
"The bears are dusting themselves off after getting sacked in January,” he added. Pondering over the recent weakness, Ryan Detrick, chief market strategist at Carson Group, said, “Is this just normal late February/early March weakness after one of the best January returns ever?”
Is this just normal late February/early March weakness after one of the best January returns ever?
— Ryan Detrick, CMT (@RyanDetrick) February 24, 2023
A normal pullback Into various levels of support?
Or something more? pic.twitter.com/gL2wekDBAf
Futures Today
| Index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 Futures | +0.62% | |
| S&P 500 Futures | +0.51% | |
| Dow Futures | +0.43% | |
| R2K Futures | +0.48% |
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) advanced 0.52% to $398.46 and the Invesco QQQ Trust (NASDAQ:QQQ) rose 0.60% to $293.61, according to Benzinga Pro data.
Upcoming Economic Data:
The Commerce Department is scheduled to release the durables goods orders report for January at 8:30 a.m. EST. Economists, on average, expect durable goods orders to fall 4% month-over-month in January, reversing much of the 5.6% gain in the previous month. Core durable goods orders, which exclude the volatile transportation orders, may have inched up 0.1% following a 0.2% drop in December.
The National Association of Realtors will release its pending home sales report for January at 10 a.m. EST. The month-over-month increase of pending home sales may have slowed from 2.5% in December to 1% in January.
The Dallas Federal Reserve’s regional manufacturing business index for February is due at 10:30 a.m. EST. In January, the index came in at -8.4.
Fed Governor Philip Jefferson is scheduled to speak at 10:30 a.m. EST.
The Treasury will auction 3-month and 6-month bills at 11:30 a.m. EST.
Stocks In Focus:
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures were pausing on Monday after advancing strongly in the previous session. A barrel of WTI-grade crude oil traded up about 0.09% at $76.39. Meanwhile, the yield on the benchmark 10-year U.S. Treasury remained high at 3.959%.
The Asia-Pacific markets fell across the board on Monday, tracking Wall Street’s dismal performance on Friday, while European stocks were solidly higher in late morning trading.
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