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Traders work on the floor of the New York Stock Exchange during morning trading on September 23, 2024 in New York City.
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Stock futures were little changed 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 lost 33 points. S&P 500 futures and Nasdaq 100 futures each also traded near flat.
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.
October is a good time to use 'healthy' pullbacks to add to positions, Piper Sandler says
October is traditionally a volatile month, but Piper Sandler believes that investors can use the market's actions to their advantage.
"Historically, October tends to be a 'backing and filling' month as investors react to the Q3 earnings season results. We would continue to use 'healthy' pullbacks to add to positions, especially among leading SMID-caps in the Industrial, Financial, and Technology sectors," the investment firm wrote in a Monday note.
In the note, Piper Sandler stood by its year-end S&P 500 target of 5,800. This implies that the broad market index could rise less than 1%.
— Lisa Kailai Han
Penn Entertainment shares advance after company lessens EBITDA loss expectations
Penn Entertainment shares rose more than 1% after the company said one of its profitability measures should show a smaller loss than originally expected.
In a regulatory filling, the sports betting company to expect adjusted EBITDA — or earnings before interest, taxes, depreciation and amortization — for its interactive segment to come in at a loss of between $90 million and $100 million for the third quarter. That's an improvement from the previously set range for loss of $115 million to $135 million.
Penn Entertainment shares have tumbled more than 28% this year.
— Alex Harring
Stock futures inch higher
Stock futures were slightly up shortly after 6 p.m. ET.
Dow and S&P 500 futures rose around 0.1% each. Nasdaq 100 futures added 0.2%.
— Alex Harring
English (US) ·