Traders
work
on
the
floor
at
the
New
York
Stock
Exchange
on
March
5,
2024.
Brendan
Mcdermid
|
Reuters
U.S.
stock
futures
were
little
changed
Tuesday
night
after
the
Dow
Jones
Industrial
Average
fell
for
a
second
day
in
a
rough
start
to
the
quarter.
Dow
futures
fell
by
60
points,
or
0.08%.
S&P
500
futures
were
lower
by
0.17%,
while
the
Nasdaq
100
futures
dipped
0.2%.
Wall
Street
is
coming
off
a
losing
session
for
the
major
benchmarks
after
sticky
inflation
data
from
last
week,
as
well
as
some
strong
economic
data,
had
investors
concerned
the
Federal
Reserve
will
take
longer
to
cut
interest
rates.
Treasury
yields
spiked,
with
the
rate
on
the
10-year
note
touching
its
highest
level
since
November.
Oil
prices
also
rose
to
five-month
highs.
On
Tuesday,
the
30-stock
Dow
dropped
nearly
400
points,
or
1%.
The
S&P
500
lost
0.7%,
while
the
Nasdaq
Composite
tumbled
nearly
1%.
Still,
some
market
observers
remain
optimistic
overall
on
equities,
saying
stocks
are
due
for
some
consolidation
after
a
strong
start
to
the
year.
The
S&P
500
is
coming
off
its
best
first
quarter
since
2019.
“I
think
it’s
a
little
bit
of
a
garden
variety
pullback,”
Kristen
Bitterly,
global
wealth
head
of
investment
solutions
at
Citi,
said
on
CNBC’s
“Closing
Bell”
on
Tuesday.
“We’ve
heard
day
after
day
that
we’re
either
touching
all-time
highs
or
within
reach
of
all-time
highs.
So,
I
don’t
see
anything
to
read
into
today,
more
than
geopolitics
resurfacing,
yields
popping
up.”
“We
know
that
the
Fed’s
trajectory
from
here
is
downward.
We
know
inflation
is
coming
down.
And
we
know
that
earnings
have
turned
a
corner
as
well,”
Bitterly
continued.
“So,
when
you
have
that
fundamental
backdrop,
it’s
actually
pretty
constructive
for
risk
assets
overall.”
On
Wednesday,
investors
will
get
more
insight
into
the
labor
market
with
the
ADP
private
payrolls
report,
which
comes
ahead
of
the
March
jobs
data
on
Friday.
The
ISM
services
index
is
set
to
release
after
the
open.
Federal
Reserve
Chair
Jerome
Powell
is
also
set
to
speak,
as
is
a
slew
of
other
central
bank
speakers
including
Fed
Governors
Michelle
Bowman
and
Adriana
Kugler.
Chicago
Fed
President
Austan
Goolsbee
and
Fed
vice
chair
for
supervision
Michael
Barr
will
also
be
speaking
at
events.
On
the
earnings
front,
Levi
Strauss
will
be
reporting
after
the
close.
