Traders work on the floor of the New York Stock Exchange during morning trading on September 23, 2024 in New York City.
Michael M. Santiago | Getty Images
Stock futures are modestly higher on Monday night, following a losing day on Wall Street as rising oil prices and bond yields weighed on markets.
Dow Jones Industrial Average futures added 25 points, or 0.1%. S&P 500 futures rose 0.1%, while Nasdaq 100 futures added 0.2%.
The after-hours action comes after a negative day for stocks. The Dow finished nearly 400 points lower, while the S&P 500 slid close to 1%. Technology stocks felt the brunt of Monday’s declines, pushing the Nasdaq Composite down about 1.2%.
Rising bond yields put downward pressure on the market. Notably, the 10-year Treasury yield climbed above 4% to touch its highest levels since early August. Bond yields and prices move inversely to each other.
West Texas Intermediate oil futures advancing above $77 per barrel also hurt the stock market. But energy names climbed alongside the commodity, making it the only sector of the 11 that comprise the S&P 500 to finish Monday in the green.
Stocks have been troubled over the last several days, creating a rocky start to the new trading month and quarter. Investors have grown increasingly fearful of escalating conflict in the Middle East after Iran launched a missile attack at Israel early last week.
But the market rallied on Friday after the blockbuster jobs report, propelling the three major indexes to notch their fourth straight positive weeks. The Dow also notched a new all-time closing high on Friday.
“Initially, the market rallied on that really good economic news,” said Larry Tentarelli, chief technical strategist of the Blue Chip Daily Trend Report, of the labor market data. “I think what you’ve got now is the market adjusting to higher bond yields.”
Investors will watch Tuesday for economic data on small businesses and the trade deficit. They’ll also monitor speaking engagements scheduled throughout the day for central bank leaders including Boston Federal Reserve President Susan Collins and Atlanta Fed President Raphael Bostic.
