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Investing.com — U.S. stock index futures fell in overnight trading Monday, widening Wall Street's losses as traders retreated from recent highs due to uncertainty over the future of U.S. interest rates. .
Risk aversion ahead of Super Tuesday, when 15 states are scheduled to hold presidential primary voting, was also a factor in the market decline, with incumbent President Joe Biden and his predecessor Donald Trump・It is expected that Trump will face a rematch.
By 19:12 ET (00:12 GMT), it was down 0.1% to 5,132.75 points and down 0.2% to 18,232.0 points. It fell 0.1% to 38,974.00 points.
Wall Street indexes hit record highs on Monday, hit mainly by losses in tech stocks as Apple Inc. (NASDAQ:) fell 2% after being hit with a hefty $2 billion antitrust fine in Europe. It fell from
Apple's loss also spurred broader profit-taking in the tech industry, which had been on a strong rally amid growing optimism about artificial intelligence.
It fell 0.1% to 5,130.95 points and fell 0.4% to 16,207.51 points. All three indexes fell 0.3% to 38,989.83 points, although they were still within range of their record highs recorded last week.
Powell focuses on employment data for clues about rate cuts
Markets were waiting for new cues on monetary policy from him, who is scheduled to testify before Congress on Wednesday and Thursday.
Analysts expect Powell to maintain his generally hawkish leanings and reiterate his position that the central bank needs more convincing that inflation is moving closer to its 2% annual target. There is.
Several Fed officials have warned against betting on the central bank cutting interest rates too soon, citing concerns about persistently high inflation and the resilience of the U.S. economy. The governor said Monday that the Fed's persistent bet on early interest rate cuts could lead to increased inflation pressures.
Still, analysts expect the Fed to have enough confidence to start cutting rates by June.
Following Chairman Powell's testimony, key data for February will again be in focus this week.
Apple extends losses to aftermarket hours, Gitlab slump
Apple fell 0.3% in aftermarket trading after falling more than 2% during trading. The iPhone maker said it would appeal the $2 billion fine.
Gitlab Inc (NASDAQ:) fell 21% after issuing weaker-than-expected first-quarter guidance.
aluminum manufacturers albemarle Corp. (NYSE:) fell 7% after launching a $1.75 billion stock offering, also weighed down by sustained weakness in commodity prices.
On the other hand, drone manufacturers aviation environment Inc (NASDAQ:) soared nearly 20% on strong earnings.
