Traders work on the floor of the New York Stock Exchange on Aug. 16, 2024.
Angela Weiss | AFP | Getty Images
U.S. stock futures were flat Monday night after the S&P 500 and the Nasdaq Composite notched their longest winning streaks of 2024.
Dow Jones Industrial Average futures slipped 8 points, or 0.02%. Futures tied to the S&P 500 were marginally higher, and Nasdaq 100 futures added 0.08%.
The action in extended trading follows another winning day for the major averages. The S&P 500 advanced nearly 1%, while the Nasdaq added 1.4%. Both indexes posted their eighth straight positive session, a first for the S&P 500 since November 2023. It was also the longest winning stretch for the Nasdaq since December 2023.
The major averages have bounced back amid a dramatic fall in market volatility from the start of the month. The CBOE Volatility Index is now at 14.7 after topping 65 on Aug. 5. Strong retail sales data and a soft inflation report issued last week helped soothe investors’ fears on the economy.
This week, investors are readying themselves for the Federal Reserve’s annual Jackson Hole Economic Symposium, where Chair Jerome Powell is scheduled to give remarks Friday morning. Wall Street is looking for insights on how much the central bank will likely lower rates by at its September meeting.
The Fed wants to signal that “they are on top of the curve — not behind it. But at the same time, they don’t want to be too aggressive in removing the pressure before the fire is out,” said Sam Stovall, chief investment strategist at CFRA Research.
“The real question is not just the timing, but the magnitude” of rate cuts, Stovall added. Fed futures funds pricing indicates a 77.5% likelihood of central bank policymakers lowering rates by 25 basis points in September, per the CME Group FedWatch Tool.
The Fed will also release the minutes from its most recent meeting on Wednesday.
Financials, health care and consumer staples sectors see record closes
In a sign of a broadening rally, three sectors of the S&P 500 posted record closes on Monday: financials, health care and consumer staples.
Big winners among financials include Capital One and Synchrony, both of which jumped more than 2%. Moderna and Dexcom, which advanced 3.6% and 4%, respectively, lifted the health care sector. Finally, potato products producer Lamb Weston gained more than 3% to boost the consumer staples sector, while Clorox popped 2.6%.
All 11 of the sectors of the broad market index ended the session higher, led by information technology, which advanced 1.44%.
–Darla Mercado, Chris Hayes
Palo Alto Networks rises after earnings report
Shares of Palo Alto Networks advanced 2.7% Monday night after the company’s forward guidance topped estimates.
The cybersecurity company guided fiscal first-quarter earnings per share in a range of $1.47 to $1.49, beating estimates of $1.43 per share, according to LSEG. Revenue guidance in a range from $2.1 billion to $2.13 billion was also higher than the $2.1 billion forecast by analysts.
Palo Alto Networks beat on both top and bottom lines in the fiscal fourth quarter. Management also announced a $500 million boost to its buyback program.
Palo Alto Network shares on Monday
— Hakyung Kim
Stock futures are flat Monday
U.S. stock futures traded near the flatline Monday night.
S&P 500 futures were marginally higher. Nasdaq 100 futures inched up 0.1%, while futures tied to the Dow Jones Industrial Average were unchanged.
— Hakyung Kim
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