Stock futures fell Monday night after a slide in technology stocks weighed on the S&P 500 and Nasdaq Composite, while the Dow Jones Industrial Average closed at a record high.
Futures for the Dow Jones Industrial Average fell 23 points, or 0.06%. S&P 500 futures fell 0.09%, while Nasdaq 100 futures lost 0.12%.
During trading yesterday, Monday, the Dow Jones index broke out of the broader market and reached a new high during the day before retreating.
However, the 30-stock index held on to enough of its gains to cement a fresh record close.
Meanwhile, a decline in technology stocks on Monday and gains in less-favored sectors like energy suggest investors may be moving away from one of the market's main drivers over the past year.
Stocks are struggling to find a steady footing after a rough start to the month. However, investors have become more optimistic after Federal Reserve Chairman Jerome Powell signaled on Friday that the central bank’s next move would be to cut benchmark interest rates. Powell did not specify when or by how much interest rates would be cut.
Traders unanimously expect the central bank to cut interest rates by at least 25 basis points at its September 17-18 policy meeting, according to data from CME Group's FedWatch tool.
“It will take some time for the cuts to permeate the entire economy,” Mohamed El-Erian, chief economic adviser at Allianz, told CNBC. “The market is doing some heavy lifting on the Fed, but there are a lot of question marks.”
Investors will also be parsing fresh quarterly earnings from retailer Nordstrom after the closing bell on Tuesday for insight into consumer health.
