Stock futures point to wobbly February start for Wall Street as data, earnings loom
U.S. stock index futures pointed to a softer start for Wall Street as the month of February kicked off, after the worst month since March 2020, with manufacturing data due Tuesday and more earnings reports from Exxon Mobil, Alphabet and General Motors.
The Nasdaq Composite Index COMP, +3.41% slid 9% decline in January, also the biggest monthly drop since March 2020, and the worst January performance since 2008, according to Dow Jones Market Data. The index rallied 3.4% to 14,239.88 on Monday, though.And: Market corrections are good buying opportunities, says Goldman Sachs — but only when this happens
“Investors continue to buy the dips almost everywhere this week, with market sentiment boosted by a strong earning season so far where most companies have beaten expectations,” said Pierre Veyret, technical analyst at ActivTrades, in a note to clients. The yield on the 10-year Treasury note TMUBMUSD10Y, 1.753% fell 2 basis points to 1.756%, with oil prices softer CL.1, -0.06% and the ICE U.S. Dollar index DXY, -0.30% down 0.2%.
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