Here are the top stories to read ahead of Tuesday trading:
Latest Updates
Here are some of the potential market catalysts due Tuesday for traders to consider:
6:00 a.m. Eastern. U.S. NFIB small business optimism for November.
8:30 a.m. U.S. productivity for the third quarter.
1:00 p.m. Treasury announces result of $58 billion auction of 3-year notes.
4:30 p.m. API weekly crude oil stock
How are stock-index futures trading:
S&P 500 futures are down 0.1%.
Dow Jones Industrial Average futures are shedding 0.04%.
Nasdaq 100 futures are dipping 0.1%.
On Monday, the Dow Jones Industrial Average fell 241 points, or 0.54%, to 44,402, the S&P 500 declined 37 points, or 0.61%, to 6,053, and the Nasdaq Composite dropped 123 points, or 0.62%, to 19,737.
Futures indicate stocks will struggle to rebound after a sell-off at the start of the week that saw the S&P 500 fall 0.6%, leaving the Wall Street benchmark 0.6% below its record close.
The pullback on Monday reflected heavy selling of previous winning bets, according to analysts.
“Rarely do we see such uniform performance in one direction based on prior performance in the opposite direction, but that’s exactly what we saw today [Monday]. Investors were selling winners and buying losers to quite an extreme degree,” said Bespoke Investments.
Furthermore, the stock market’s waning upward momentum reflected deteriorating technical conditions below the surface, according to Jonathan Krinsky, analyst at BTIG.
“The S&P 500 has seen more declining stocks than advancing stocks each of the last six days, yet the index itself is higher by 0.34% over that stretch. Over the last 20 years, there has never been a six-day stretch where every day saw negative breadth and the SPX was higher after those six days,” Krinsky said.
According to Mark Newton, technical strategist at FundStrat, initial support levels for the S&P 500 lie near 6042, then 6017.
