Dow Jones Industrial Average futures rose on Monday, as Wall Street attempted to start the new month and quarter on a strong note.
Dow futures traded up 91 points, or 0.3%. The S&P 500 rose 0.1%, and the Nasdaq 100 fell 0.3%.
Wall Street is going through a tough month, with the Dow and S&P 500 posting their biggest monthly losses since March 2020. The Dow also closed below 29,000 on Friday for the first time since November 2020.
The Dow Jones fell 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5%, respectively.
For the quarter, the Dow Jones fell 6.66% to post a streak of three-quarter losses for the first time since the third quarter of 2015. The S&P and Nasdaq Composite fell 5.28% and 4.11%, respectively, to end their third consecutive negative quarter. For the first time since 2009.
As the new quarter begins, all S&P 500 segments are down at least 10% from 52-week highs. Nine sectors ended the quarter in negative territory.
Trust’s Keith Lerner said that in the fourth quarter, high inflation and a Fed intent on stopping price hikes, no matter what that means for the economy, will likely continue to weigh on markets. He added that oversold conditions make the market vulnerable to a sharp short-term rebound as a result of the good news.
“I think we could be set up for some kind of delay, but the underlying trend at this point is still a downtrend and choppy water to continue,” Lerner said.
On the economic front, Markit and ISM manufacturing PMI data are due on Monday along with construction spending.
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