Stock futures traded down overnight on Monday as markets struggled to maintain a rebound after weeks of losses.
The Dow Jones Industrial Average futures are down 110 points, or 0.36%. The S&P 500 futures are down 0.76% and the Nasdaq 100 futures are down 1.3%.
Zoom Video shares popped up 6% in business after splitting strong guidance for the second quarter, while Snap shares fell more than 28% as the company said it was ready to miss revenue and revenue targets for the current quarter and warned of a recession.
The move comes as markets staged a rebound from last week’s steep market sell-off, which saw the Dow hit its first eight-week losing streak since 1923 and the S&P 500 briefly fell into bear market territory on an intraday basis.
Stocks rose in Monday’s regular trading session as the Dow jumped 618 points, or about 2%, after a week of sharp losses. The S&P 500 rose 1.9% and the Nasdaq Composite rose 1.6%.
These moves make investors wonder if the bounce could hold or whether it was another small relief rally in the relentless sell-off that has yet to reach the bottom.
“This is the kind of environment where you get whips and ups and downs that is such a big business environment where it can feel any day that you were wrong yesterday and it’s worth the mistake,” said Sophie Liz Young, head of investment strategy at CNBC’s “Closing Bell.” : Overtime “.
The bank’s stocks contributed to Monday’s gains led by JPMorgan, which jumped 6.2% after the company said it would reach key targets earlier than expected with rising rates. Shares of VMware rose nearly 25% on news that Broadcom is in talks to acquire a cloud service provider.
Monday’s market rally was broad-based, with 11 sectors leading the way, positively. The sector added 3.23% and saw its best day since March 9th.
Investors are waiting for new homes to be sold for a speech by Fed Chairman Jerome Powell at the National Center for American Indian Enterprise Development Summit on Tuesday. Nordstrom, Best Buy, and Ralph Lauren will also report earnings.
