Market Overview

Stock futures fall after S&P 500 notches best day since June

Futures contracts tied to the major U.S. stock indexes traded lower in early morning trading on Tuesday after the S&P 500 rallied more than 2% during regular trading hours Monday for its best day since June. Dow futures dropped 141 points. S&P 500 futures and Nasdaq 100 futures also both traded in negative territory. U.S. equities began March on a strong note on Monday with the S&P 500 up 2.38%, the Dow Jones Industrial Average adding 1.95% and the tech-heavy Nasdaq Composite jumping just over 3% after shedding 4.9% last week.

All 11 S&P sectors finished in the green and the S&P 500 posted its best day since June 5. Both the Dow and the Nasdaq clinched their best trading day since November. Economically sensitive, cyclical sectors like energy and financials continued to outperform the broader market amid optimism about vaccines and economic resurgence. Meanwhile, a pause in the market for U.S. debt allowed high-growth tech names to recoup a sizable portion of their recent losses. Facebook added 2.8%, Apple rose 5.39% and Tesla climbed 6.36%.

The 10-year U.S. Treasury note yield, which had kept investors on edge for much of last week, dipped to a session low of 1.41% Monday before drifting back near the flatline. The 10-year yield stabilized around that level, below its high of 1.6% last week, which encouraged investors last week’s rapid rise in borrowing costs has abated for now.

Stock futures fall after S&P 500 notches best day since June, CNBC, Mar 2

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