Dow Jones Industrial Average futures rose Monday as Wall Street attempted to start the new month and quarter with a solid record.
Dow futures traded 91 points, or 0.3% higher. The S&P 500 rose 0.1% and the Nasdaq 100 fell 0.3%.
Wall Street is having a tough month as the Dow and S&P 500 post their biggest monthly losses since March 2020. Friday’s Dow also saw him fall below 29,000 for the first time since November 2020.
The Dow fell 8.8% in September, while the S&P 500 and Nasdaq Composite fell 9.3% and 10.5% respectively.
The Dow Jones Industrial Average fell 6.66% in the fourth quarter, marking the first three straight quarters of decline since the third quarter of 2015. First time since 2009.
As the new quarter begins, all S&P 500 sectors are at least 10% away from their 52-week highs. Nine sectors ended the quarter in negative territory.
Truist’s Keith Lerner says higher inflation in the fourth quarter and the Fed’s desire to stem price spikes will continue to weigh on markets, regardless of what that means for the economy I said it was likely. However, he added that in oversold conditions, the market is vulnerable to short-term sharp rebounds from good news.
“I think there could be some kind of temporary grace period, but the underlying trend at the moment is still a downtrend, with choppy waves,” Lerner said.
On the economic side, Markit PMI and ISM manufacturing data are due to be released on Monday, along with construction spending.