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US stock futures were mixed on Monday as economic data painted a mixed picture on the US economy and comments from Treasury Secretary Scott Bessent added to investor worries ahead of this week’s Federal Reserve policy meeting.
S&P 500 futures (ES=F) erased earlier losses to rise above the flatline, while Dow Jones Industrial Average futures (YM=F) fell roughly 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.2%.
The gauges were set to open mixed after a sell-off that saw the S&P 500 (^GSPC) enter correction territory and the Dow book its worst weekly performance since March 2023. Markets have been buffeted by economic slowdown fears and uncertainty over Trump’s unpredictable tariff policy.
Bessent inflamed those worries on Sunday when he told NBC that he’s not worried about the recent slump in stocks, saying “corrections are healthy.” He added that there are “no guarantees” the US will avoid recession.
CME – Delayed Quote USD
As of 9:12:39 AM EDT. Market Open.
ES=F YM=F NQ=F
Wall Street is also bracing for the Federal Reserve’s two-day meeting starting Tuesday, where it is widely expected to stand pat on interest rates. Investors will look for any sign that Trump’s policies are changing the central bank’s views of the future for the economy.
Meanwhile, retail sales rose less than expected in February, while January’s reading was revised down. Data released before the bell on Monday showed monthly retail sales were up 0.2%, versus estimates of a rise of 0.6%. January’s 0.9% drop was revised down to 1.2%.
Also, the New York Fed’s reading on manufacturing activity in New York State showed a sharp pullback this month, with the reading’s headline business conditions index falling to -20 from a reading of 5.7 in February.
On the corporate front, Monday brings the start of Nvidia’s (NVDA) annual GTC conference, a window into the prospects for AI spending and the impact of DeepSeek on the chipmaking giant’s dominance.
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Business optimism in New York State plummets in March
National readings on consumer and business confidence have shown signs of weakness as markets sink and Trump’s trade war takes shape, and the regional data isn’t much better.
On Monday, the New York Fed’s reading on manufacturing activity in New York State showed a sharp pullback this month, with the reading’s headline business conditions index falling to -20 from a reading of 5.7 in February.
The index is calculated by subtracting the percent of respondents reporting lower confidence about conditions from those reporting higher confidence on the business outlook.
This reading marks the lowest for the survey since Jan. 2024.
“Manufacturing activity dropped significantly in New York State in March,” said Richard Deitz, economic research advisor at the NY Fed. “Input price increases climbed for a third straight month to hit their fastest pace in more than two years. In addition, supply availability is expected to contract and firms continued to grow less optimistic about the future business outlook.”
The survey was conducted between March 3-11.
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US retail sales rise less than expected in February
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Nvidia stock ticks higher ahead of ‘AI Woodstock’
Nvidia (NVDA) shares rose over 1% in premarket, with the kick-off of the chipmaking giant’s annual software developer conference just hours away.
The stakes are high for Nvidia, whose market cap is nearing $3 trillion thanks to its dominance in AI — which is under threat after DeepSeek upended AI spending hopes with its cheaper chatbot.
The Wall Street Journal reports:
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Trump’s tariffs loom over a still-cautious Fed
Yahoo Finance’s Jennifer Schonberger reports:
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Good morning. Here’s what’s happening today.
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Oil rises on China plans to increase consumption
Oil prices have risen for a second consecutive day after China revealed plans to increase oil consumption.
Bloomberg reports:
