Stock futures ticked higher on Monday night as Wall Street sought stability after another down day for stocks.
S&P 500 futures rose 0.1%, while Nasdaq 100 futures also gained 0.1%. Futures for the Dow Jones Industrial Average gained 43 points, or 0.1%.
The moves in futures followed a second straight decline for the major averages. The Dow lost 184 points, or 0.57%. The S&P 500 fell 0.67% and the Nasdaq Composite dropped 1.02%.
The market has given back some of its summer gains after recent comments from Federal Reserve officials made it clear that the central bank aims to continue its rate hikes, even if they cause economic pain.
“Investors are coming to terms with the idea that the Fed is serious about curbing inflation, even though recent data suggests inflation is beginning to slow,”[ads1]; said Rod von Lipsey, chief executive of UBS Private Wealth Management.
“We believe the market’s summer rally was transitory and continue to recommend that investors remain selective and focus on defensive equity sectors such as health care and dividend-paying stocks,” von Lipsey added.
On Tuesday, investors will get more updates on the state of the economy, including the FHFA’s June home price index, the Conference Board’s consumer confidence survey for August, and the Bureau of Labor Statistics’ July job vacancies.