Stock futures lacked direction Tuesday morning as investors braced for the latest commentary due Tuesday from Federal Reserve Chairman Jerome Powell.
Futures tied to the S&P 500 were little changed, while futures connected to the Dow Jones Industrial Average inched 11 points, or 0.03% lower. Nasdaq-100 futures rose 0.17%.
On the earnings front, Pinterest shares fell 2% after hours on a revenue miss and weak outlook, while Chegg plummeted more than 22% on disappointing guidance.
Monday’s overnight moves followed another down session for markets as bond yields rose and pressured growth stocks. The Dow Jones Industrial Average dipped 34.99 points, or 0.1%, falling for its third consecutive session. The S&P 500 slid 0.61%, while the Nasdaq Composite dropped 1%.
Nine of the 11 major S&P sectors finished lower, led to the downside by communication services. The utilities sector was the best-performing area, gaining 0.87%.
“I think the market is in a reassessment mode, and that’s why you see markets pull back a little bit, certainly post the jobs report, and we’re seeing a little bit more today” said Sinead Colton Grant, global head of investor solutions at BNY Mellon Wealth Management.
A speech from Powell before the Economic Club of Washington on Tuesday remains top of mind for investors. Markets interpreted a slew of his disinflation comments during last week’s post-meeting press conference as dovish and stocks rallied.
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