© Reuters.
Investing.com– US stock index futures fell in evening deals on Monday, extending declines in Wall Street as uncertainty over the path of U.S. interest rates saw traders step back from recent record highs.
Risk aversion before “Super Tuesday”- where 15 states are set to vote in the Presidential Election Primaries- also factored into market losses, with the event expected to set up a rematch between incumbent President Joe Biden and his predecessor Donald Trump.
fell 0.1% to 5,132.75 points, while fell 0.2% to 18,232.0 points by 19:12 ET (00:12 GMT). fell 0.1% to 38,974.00 points.
Wall Street indexes had fallen from record highs on Monday, hit chiefly by losses in technology stocks as Apple Inc (NASDAQ:) fell 2% on receiving a massive, $2 billion antitrust fine in Europe.
Losses in Apple also spurred broader profit-taking in tech, which was sitting on a stellar rally amid increased optimism over artificial intelligence.
The fell 0.1% to finish at 5,130.95 points, while the fell 0.4% to 16,207.51 points. The fell 0.3% to 38,989.83 points, although all three indexes remained within sight of record highs hit last week.
Powell, payrolls in focus for rate cut cues
Markets were awaiting fresh cues on monetary policy from , who is set to offer a two-day testimony before Congress on Wednesday and Thursday.
Analysts expect Powell to largely maintain a hawkish tilt and reiterate his stance that the central bank needs more convincing that inflation is nearing its annual 2% target.
Several Fed officials warned against bets on early rate cuts by the central bank, citing concerns over sticky inflation and resilience in the U.S. economy. said on Monday that persistent bets on early Fed rate cuts could trigger an increase in inflationary pressures.
Still, analysts expect that the Fed will have enough conviction by June to begin trimming rates.
After Powell’s testimony, focus this week is also on key data for February.
Apple extends losses into aftermarket hours, Gitlab slumps
Apple Inc fell 0.3% in aftermarket trade after losing over 2% during the session. The iPhone maker said it will contest the $2 billion fine.
Gitlab Inc (NASDAQ:) slid 21% after it released weaker-than-expected first quarter guidance.
Aluminum producer Albemarle Corp (NYSE:) fell 7% after it commenced a $1.75 billion share offering, while persistent weakness in commodity prices also weighed.
On the other hand, drone maker AeroVironment Inc (NASDAQ:) jumped nearly 20% on strong earnings.
