Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
during
afternoon
trading
on
August
02,
2024
in
New
York
City.
Michael
M.
Santiago
|
Getty
Images
U.S.
stock
futures
fell
Sunday
night
following
a
volatile
week
for
Wall
Street,
in
which
the
Nasdaq
Composite
dropped
into
correction
territory.
Dow
Jones
Industrial
Average
futures
fell
by
383
points,
or
0.96%.
S&P
500
futures
and
Nasdaq-100
futures
dipped
1.6%
and
2.5%,
respectively.
Wall
Street
is
coming
off
a
brutal
week
for
the
major
averages.
On
Friday,
the
Nasdaq
capped
a
third
straight
week
of
losses,
bringing
the
tech-heavy
index
down
more
than
10%
from
a
record
set
last
month.
The
S&P
500
also
posted
a
third
straight
losing
week,
down
2%
for
the
week.
Even
the
Dow
Jones
Industrial
Average,
which
had
been
outperforming,
snapped
a
four-week
win
streak,
falling
2%.
Treasury
yields
tumbled
as
well.
The
benchmark
10-year
note
on
Friday
yielded
3.79%,
down
from
where
it
was
one
week
previously
at
4.20%.
The
recent
pullback
in
stocks
was
exacerbated
Friday
when
a
disappointing
jobs
report
spurred
investor
fears
the
Federal
Reserve
made
a
mistake
last
week
when
it
kept
interest
rates
unchanged,
and
that
the
economy
is
headed
toward
a
recession.
Investors
will
now
watch
to
see
if
this
move
lower
can
continue.
The
S&P
500
is
5.7%
below
its
all-time
high.
The
Dow,
off
by
3.9%.
“I
think
we’re
in
that
corrective
period,
but
we
still
think
the
bull
market
trend
is
intact,”
Keith
Lerner,
co-chief
investment
officer
at
Truist
Wealth,
told
CNBC’s
“Closing
Bell”
on
Friday.
“It’s
just
going
to
take
a
little
bit
to
get
through
this
kind
of
choppier
period.”
Apple
will
also
be
closely
watched
when
the
market
opens
Monday
after
Warren
Buffett’s
Berkshire
Hathaway
dumped
nearly
half
of
its
stake
in
the
iPhone
maker.
Economic
data
due
out
Monday
include
the
July
ISM
Services
PMI,
a
measure
of
the
performance
of
U.S.
services
companies
that’s
set
to
show
a
rise
to
50.9,
up
from
48.8
previously.
Investors
may
glean
some
insight
into
how
the
Fed
may
proceed
with
interest
rates
in
the
coming
week.
San
Francisco
Fed
President
Mary
Daly
will
be
speaking
at
the
Hawaii
Executive
Collaborative
after
the
close
Monday.
