Daily Outlook

Wall Street tries to recover from 3-week losing streak

U.S. stock futures were lower early Monday morning as the market tried to bounce back from its longest weekly losing streak in about a year. Dow Jones Industrial Average futures traded 176 points lower. S&P 500 futures and Nasdaq 100 futures also traded in negative territory. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all fell for a third straight week. That marks the market’s longest weekly slide since 2019.

Those declines came as tech shares — which led the broader market off its coronavirus lows and into record territory — struggled. Facebook, Amazon, Apple, Netflix, Google-parent Alphabet and Microsoft all posted steep weekly losses. The S&P 500 tech sector pulled back by 1%. Tech was under pressure last week in part because of valuation concerns within the space as well as options of individual stocks, ETFs and indexes expired.

Traders kept an eye on Washington heading into the new week as lawmakers struggle to make progress on a new coronavirus stimulus package. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired. President Donald Trump hinted last week he would back a bigger relief package. White House chief of staff Mark Meadows also said he was “probably more optimistic about the potential for a deal.”

U.S. stock futures are down as Wall Street tries to recover from 3-week losing streak, CNBC, Sep 21

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