• Fri. Jun 21st, 2024

Stock market today: Live updates

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Traders work on the floor at the New York Stock Exchange on Dec. 13, 2023.

Brendan Mcdermid | Reuters

U.S. stock futures were lower Monday morning after the major averages kicked off 2024 with a down week, as traders kept an eye on Boeing shares.

Dow Jones Industrial Average futures fell by 130 points, or 0.more than 3%. S&P 500 and Nasdaq-100 futures added about 0.1% and 0.2%, respectively.

Boeing fell more than 6% in the premarket following the temporary grounding of dozens of Boeing 737 Max 9 aircrafts for inspections, after a section of an Alaska Airlines flight blew out.

Wall Street is coming off its first losing week in 10 as mega-cap tech stocks such as Apple underperformed, and Treasury yields rose. The Dow Jones Industrial Average dropped 1.5% for the week, and the S&P 500 slid 0.6%. The tech-heavy Nasdaq Composite posted its worst weekly performance since September, falling 3.25%.

Apple shares slid roughly 6% last week. The yield on the 10-year Treasury yield swung back above 4%.

Markets consolidated after the year-end rally, following a dovish pivot from the Federal Reserve, had investors concerned equities are now overbought. A hot December jobs report, as well as Fed meeting minutes this week that indicated elevated uncertainty around the path of rate cuts, added to those worries.

“I do think attitudes are probably getting a little too enthusiastic,” read a Friday note from Chris Verrone, head of macro and technical research at Strategas. “That may need to get dealt with via some type of a consolidation or correction in the first quarter.”

Still, Verrone added: “But generally speaking, the trend is good and momentum is behind this market.”

This week, traders will get greater clarity into the path of rate cuts from the central bank. The December consumer price index is set for release Thursday, while the producer price index is due out on Friday, will show whether the Fed’s efforts to bring inflation down to its 2% are taking hold.

The latest corporate earnings season will kick off Friday with results from big banks Bank of AmericaCitigroupJPMorgan Chase and Wells Fargo. Dow component UnitedHealth is also reporting. Results from BlackRock and Delta Air Lines are also on deck.

Traders will also keep an eye on Washington as lawmakers try to avoid a government shutdown. On Sunday, congressional leaders announced a deal establishing a $1.59 trillion in top-line spending.

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