Stock futures were little changed on Monday evening as Wall Street looked to find its footing after an uneven start to the month.
Futures for the Dow Jones Industrial Average were roughly flat. S&P 500 futures and Nasdaq 100 futures ticked up less than 0.1% each.
The move in futures came after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday.
Weak manufacturing data weighed on market sentiment, as investors are waiting to see if growth can hold up while the Federal Reserve waits for inflation to decline enough to cut interest rates.
Gabriela Santos, JPMorgan Asset Management chief market strategist for the Americas, said on CNBC’s “Closing Bell” that the economy still looks solid overall even if some investors are losing confidence.
“For us, this is really a story of moderation in the overall pace of growth. But any time you’re moving to a lower altitude, you can have some slightly more choppy areas — some concern about too much deceleration,” she said.
A busy week of economic data continues on Tuesday, with job opening and factory order data for April due out at 10 a.m. ET. The key report of the week will be Friday’s May payrolls report.
Goldman’s Kaplan says no rate cut until at least September
Goldman Sachs vice chairman and former Dallas Fed President Robert Kaplan told CNBC on Monday that he does not see a rate cut this summer unless something “shocking” happens.
“I think September is the first month where a cut is a possibility, but I think the Fed would need to see at least a few more months of improvement in inflation. If they see it, September is possible,” Kaplan said on “Closing Bell.”
The central bank’s next policy decision is due out June 12.
— Jesse Pound
GameStop rises in extended trading after latest Reddit post
Shares of GameStop were up 3% in after-hours trading, building on a 21% gain during regular market hours.
The latest move came after another Reddit post that appeared to be from Keith Gill, aka Roaring Kitty. The post appeared to show that Gill still holds his GameStop shares and call options positions in the stock after Monday’s rally.
CNBC has not independently verified the Reddit post.
— Jesse Pound, Yun Li
Futures open little changed
The futures contracts for the Dow, S&P 500 and Nasdaq 100 were all up less than 0.1% when trading reopened on Monday evening.
— Jesse Pound
