Spencer
Platt
|
Getty
Images
Stock
futures
ticked
down
Monday
night
after
the
major
averages
took
a
break
from
their
latest
hot
streak.
Futures
tied
to
the
Dow
Jones
Industrial
Average
slipped
43
points,
or
0.1%.
S&P
500
futures
and
Nasdaq
100
futures
each
shed
0.1%.
In
after-hours
action,
shares
of
GitLab
popped
16%.
The
open-source
software
development
platform
beat
on
top
and
bottom
lines
in
the
third
quarter
and
issued
strong
guidance
for
the
current
quarter.
During
regular
trading
on
Monday,
the
Nasdaq
Composite
fell
0.8%
as
tech
companies
fell
across
the
board.
Nvidia
and
Intel
declined
2.7%
and
3.2%,
respectively.
Alphabet
also
shed
nearly
2%,
while
Meta
shares
lost
1.5%.
The
pullback
came
on
the
back
of
five
consecutive
positive
weeks
for
the
three
major
averages. The
S&P
500
and
the
30-stock
Dow
slipped
0.5%
and
0.1%,
respectively.
Meanwhile,
small-cap
stocks
outperformed
the
rest
of
the
market,
with
the
Russell
2000
posting
a
1%
gain.
The
small-cap
index
has
enjoyed
a
nearly
7%
gain
over
the
past
month,
raising
hopes
of
a
broadening
market
rally,
as
traders
become
confident
that
the
Federal
Reserve
will
begin
to
cut
rates
next
year
in
spite
of
recent
hawkish
commentary
from
the
central
bank.
Nonetheless,
investors
should
temper
their
expectations
for
equity
gains
heading
into
2024,
according
to
Jason
Heller,
senior
executive
vice
president
at
Coastal
Wealth.
“We
believe
there
are
few
upward
catalysts
for
stocks
given
elevated
interest
rates,
a
weakening
consumer
and
tempered
earnings
expectations,”
said
Heller.
“We
expect
stocks
to
remain
in
a
narrow
trading
range.”
While
the
Fed
is
currently
in
a
“blackout
period,”
meaning
there
will
be
limited
comments
from
the
central
bank’s
officials,
Wall
Street
has
more
to
look
toward
on
the
economic
front.
Traders
will
be
looking
toward
the
latest
Job
Openings
and
Labor
Turnover
Survey
report
on
Tuesday
morning.
