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Traders work on the floor of the New York Stock Exchange (NYSE) on May 18, 2022 in New York City.
Spencer Platt | Getty Images
Stock futures were lower on Monday evening, as investors assess whether a rally on Wall Street can continue.
Futures tied to the Dow Jones Industrial Average dropped 61 points, or about 0.2%. S&P 500 futures and Nasdaq 100 futures each ticked down by roughly 0.2%.
Stocks eked out a gain during regular trading on Monday, with the tech-heavy Nasdaq Composite earning its seventh-straight positive session for the first time since January. Both the S&P 500 and the 30-stock Dow were higher for the sixth-straight session, an occurrence not seen since June and July, respectively.
Wall Street is assessing whether the rally from last week holds water. All three indices wrapped their best week in 2023 last Friday. The November uptick is in direct contrast to a weak October in which the S&P 500 slipped into correction territory. Investors grew optimistic after the Federal Reserve left interest rates unchanged following their meeting last week, which also saw Treasury yields slide and stocks climb.
Investors should proceed with caution, however, as stocks still have little footing to securely mount and maintain a new bull market, according to Lisa Shalett, chief investment officer, wealth management at Morgan Stanley.
“The next bull is coming, but it will require more than just the wish, belief or even reality of a first Fed rate cut,” Shalett wrote in a Monday note.
In economic developments, a report on the U.S. trade deficit is expected on Tuesday morning. Elsewhere, quarterly results from Disney, Wynn Resorts and Occidental Petroleum are due out this week.
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