Stock futures were little changed Monday as Wall Street looked to see if the market rally could find more momentum in the final week of June. Futures tied to the Dow Jones Industrial Average ticked up 3 points. S&P 500 futures and Nasdaq-100 futures hovered near the flatline. Tesla shares slipped 1% in the premarket after Goldman Sachs downgraded the electric car maker, citing pricing headwinds. The call comes after Tesla has more than doubled year to date. The market rally sputtered last week. The Nasdaq Composite fell 1.44%, breaking an eight-week win streak. The S&P 500 dipped 1.01%, ending a five-week winning streak. The Dow, which has underperformed in 2023, shed 1.67% to halt a three-week positive run. “The SPX and NDX finally saw some profit-taking after the significant rally seen over the past couple of months,” Rick Bensignor of Bensignor Investment Strategies said in a note to clients. Segments of the market is still on track for a banner first half of the year. The tech-heavy Nasdaq Composite is up nearly 29% year-to-date, and the S&P 500 is up more than 13%. The Dow, however, is up less than 2%. The final week of June is a light one for economics reports and corporate earnings, which are highlighted by Walgreens Boots Alliance on Tuesday and Nike on Thursday. Traders will likely keep an eye on Europe, where Russia saw a brief rebellion by a private military group over the weekend. Uncertainty about the situation there will likely keep the markets on edge. Asia-Pacific markets started the final week of June mixed, even as U.S. markets snapped a multi-week winning streak Friday. Hong Kong’s Hang Seng index extended last week’s losses to fall 0.4%. Mainland Chinese stocks also fell on its return from a two-day holiday, with the Shanghai Composite closing down 1.48% at 3,150.62 in a fourth-straight daily loss. The Shenzhen Component recorded the biggest loss among Asia-Pacific indexes on Monday, ending 1.69% lower at 10,872.3. In Japan, the Nikkei 225 reversed earlier gains to close down 0.25% at 32,698.81 in a third-straight daily loss, while the Topix ended down 0.20% at 2,260. In Australia, the S&P/ASX 200 fell 0.29% and ended at 7,078.7, dragged by energy stocks and marking its fourth straight day of losses. South Korea’s Kospi bucked the wider sell off, climbing 0.47% to close at 2,582.2, while the Kosdaq finished up 0.53% at 879.5. Oil prices pared early gains on Monday, tracking a broader calm in financial markets as investors watched warily to see if there’ll be further fallout from an attempted insurrection in Russia that could disrupt energy supplies from one of the world’s largest oil producer nations. “Collectively the world would have breathed a sigh of relief at least on the oil market side that the disruption in the Russian state did not go through the worst that people feared,” Alok Sinha, Standard Chartered global head of oil & gas and chemicals, told CNBC Monday. West Texas Intermediate futures were up about 0.6% at $69.55, after initially rising as much as 1.3% to just below $70 a barrel earlier Monday, followed by last week’s almost 4% decline. Brent crude were trading about 0.7% higher at $74.25. Gold climbed on Monday as geopolitical concerns surrounding Russia drew some investors into the safe haven metal, outweighing pressure from a hawkish interest rate outlook. Spot gold rose 0.6% to $1,932.19 per ounce, while gold futures were up 0.7% to $1,942.30. Bullion slumped nearly 2% in the previous week as hawkish comments from Federal Reserve officials signalled more rate hikes to tame sticky inflation.
Roodeweg 222, Willemstad, Curaçao