Stock futures fell in Monday night trading as markets struggled to sustain a resurgence following weeks of losses.
The futures of the Dow Jones Industrial Average fell 110 points, or 0.34%. The S&P 500 futures fell 0.69% and the Nasdaq 100 futures fell 1.33%.
Zoom in on the video Shares rose 6% in extended trading after sharing strong guidance for the second quarter Snap shares fell more than 28% As the company said Missing revenue and earnings targets for the current quarter are certain and warned of a recruitment recession.
The move comes as markets rebounded from last week’s steady market sales, with the Dow hitting its first eight-week losses since 1923 and the S&P 500 briefly falling into bear market territory on an intraday basis.
During the regular trading session on Monday, the Dow rose 618 points, or almost 2%, as the stock rallied following a week of severe losses. The S&P 500 was up 1.9% and the Nasdaq Composite was up 1.6%.
These moves took investors by surprise.
“The environment in which you’ve had such a big whip and ups and downs is a trading environment where you can feel like you made a mistake yesterday, any day, it’s ripe for mistakes,” said Liz Young, head of Sophie’s investment strategy at CNBC’s “Closing Bell: Overtime.”
Bank stocks contributed to gains on Monday led by JPMorgan It rose 6.2% after the company said it would reach key targets earlier than expected With the help of rising rates. News that VMware shares are up nearly 25% Broadcom is reportedly in talks to buy a cloud service provider.
Monday’s market rally was broad-based, with 11 sectors positive, led by the finance ministry. The sector added 3.23% and saw its best day since March 9th.
Investors look forward to the new home sale and speech by central bank chairman Jerome Powell at the National Center for American Indian Institutional Development on Tuesday. Nordstrom, Best Buy and Ralph Lauren are also scheduled to report earnings.