Stock Futures Are Little Changed on Tuesday
Stock futures are little changed in early morning trade on June 8, after the Dow, as well as S&P 500 both, started the week lower.
Futures on the Dow Jones Industrial Average fell 25 points on Tuesday. But the S&P 500 futures and Nasdaq 100 futures both traded in slightly positive territory.
On Monday, in the regular trading session, the Dow Jones Industrial Average fell 126 points, or 0.36%, its worst daily performance in several weeks. The S&P 500 declined 0.08%, and a losing materials sector- down 1.2% – affected the market.
The Nasdaq Composite gained 0.5% on Monday, boosted by shares of Biogen. The biopharmaceutical stock jumped 38% after the FDA approved its Alzheimer’s drug. Aducanumab is the first medication approved by U.S. regulators to slow cognitive decline in people living with Alzheimer’s disease. The FDA granted approval on the condition that the company conducts another clinical trial. The agency will continue to monitor the drug as it reaches the U.S. market.
It is also the first new medicine for the disease in nearly two decades. The drug has the potential to generate billions of dollars in revenue for Biogen. It offers new hope to friends and families of patients living with the disease.
Dow Jones futures on Monday
Dow Jones futures were little changed on Monday, while S&P 500 futures, as well as Nasdaq futures, rose modestly. The stock market had a mixed session on Monday, but many leaders acted well.
Meme stocks continued their rally on June 7. Shares of AMC Entertainment jumped 14.8%, and BlackBerry, as well as GameStop shares, also popped double-digits. On Monday, the U.S. The Securities and Exchange Commission said it is watching ongoing volatility in the market. It promised to protect retail investors.
Investors are waiting for the new inflation signals later this week following Friday’s jobs data. The U.S. added fewer jobs than expected last month. Nonetheless, the unemployment rate fell to 5.8% from 6.1% and markets reacted positively to the readout.
May’s consumer price index is set to be released in two days. Economists are expecting the CPI to increase 4.7% from a year earlier. In April, the CPI rose 4.2% on an annual basis, the fastest rise in more than a decade.
Analysts and investors are also waiting for the next Federal Open Market Committee meeting scheduled for June 15-16. Investors would like to learn more about the position of Fed officials regarding inflation and monetary policy.