Traders reported that stock futures remained mostly unchanged, following back-to-back losses for the S&P 500 due to growing concerns in the tech sector.
Stock Market Performance Overview
S&P 500 futures remained nearly flat overnight, while Dow Jones futures rose slightly by 6 points. Nasdaq 100 futures also showed marginal gains. On Monday, the S&P 500 decreased by 0.35%, the Nasdaq Composite dropped 0.5%, and the Dow fell by 249 points, or 0.51%.
Investors sold off major tech stocks, including Nvidia, which declined over 1%, and Palantir Technologies, which fell by 2.4%. Oracle and Tesla also reported losses of 1.3% and over 3%, respectively.
Sector-Specific Market Pressures
The decline in the materials sector further impacted the market on Monday. Newmont, a precious metals miner, saw its stock close down 5.6% after silver futures experienced their worst day since 2021.
According to Barbara Doran, CEO of BD8 Capital Partners, concerns are rising about the possible overexpansion of the artificial intelligence bubble.
Upcoming Market Events
Tuesdays will bring crucial home price data at 9 a.m. ET, followed by the Federal Reserve’s December meeting minutes set for a 2 p.m. release. Investors are watching these announcements closely.
Additionally, public markets will be closed on Thursday in observance of New Year’s Day.