Dow Jones Industrial Average futures fell 59 points or 0.2%. Futures on the S&P 500 and Nasdaq 100 fell 0.2% and 0.3%, respectively. Earlier in the day, key averages posted a sharp uptrend with the Nasdaq Composite up 1.63% on a late-day return, despite falling as much as 1.07% earlier in the day. The S&P 500 rose 0.57% after reaching a new low of 2022 earlier in the session. Meanwhile, the Dow Jones Industrial Average gained 84 points or 0.26%. At the bottom of the session, the Dow fell more than 400 points. These moves come after a brutal month of April for stocks. April was the worst month since March 2020 for the Dow and the S&P 500. It was the worst month for the Nasdaq since 2008. The yield on the 10-year benchmark bond also rose to a new milestone on Monday. The bond yield reached 3.01% during the session, the highest point since December 2018. “I find it really difficult to try to get to the bottom of the market or to the top of the market,” Tim Lesko, Mariner Wealth Advisors’s chief executive and chief asset officer, told CNBC’s Closing Bell on Monday. “I think what we are seeing is that in the long run, we have a very high stock distribution, people are starting to rebalance and there is competition for shares now in the market.” Wall Street largely expects interest rates to rise by 50 basis points at this week’s Federal Reserve meeting. Some investors believe that expectations for aggressive monetary tightening by the central bank have already been priced in the markets. “As fiscal conditions tighten, we believe the Fed will be slightly more targeted than the market expects,” said Eric Johnston, Cantor Fitzgerald, head of equity derivatives and cross-asset products, at Closing Bell on Monday. »Of CNBC. “ The Federal Open Market Committee will issue a statement at 2 p.m. ET on Wednesday. Fed Chairman Jerome Powell is expected to give a press conference at 2:30 p.m. Some consumer-oriented companies are still reporting earnings this week. Shares of Avis Budget jumped more than 6% during the extended trading session, after the car company exceeded the expectations of profits in the first and bottom lines. Limited travel demand has pushed investors to rent cars from Avis Budget despite higher prices. Chegg’s share price fell nearly 30% during the extended trading session as the textbook company issued weak guidance for the whole year despite exceeding earnings expectations. Restaurant Brands International, Pfizer and Paramount Global will report earnings before the bell on Tuesday. Airbnb, AMD, Lyft and Starbucks are expected to report earnings after the same day. Traders will also be watching the most recent Jobs and Turnover (JOLTS) reading expected at 10 a.m. ET on Tuesday. A car sales report for April is also expected on Tuesday.
