Stock futures edged higher on Monday evening as Wall Street stocks sought stability after another down day.
Futures for the S&P 500 rose 0.1%, while Nasdaq 100 futures also added 0.1%. Futures for the Dow Jones industrial average gained 43 points, or 0.1%.
Moves in futures followed a second straight decline for the major averages. The Dow lost 184 points, or 0.57%. The S&P 500 fell 0.67% and the Nasdaq Composite fell 1.02%.
The market has given some of that back Summer profits After recent comments from Federal Reserve officials, the central bank aims to continue its rate hikes, even if they cause economic pain.
“Investors are coming away with the impression that the Fed is serious about controlling inflation, even as recent data suggests that inflation is starting to ease,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the market’s summer rally is short-lived and continue to recommend that investors remain selective and focus on defensive stock sectors such as health care and dividend-paying stocks,” Van Lipsey added.
On Tuesday, investors will get several updates on the state of the economy, including the FHFA home price index for June, the Conference Board’s consumer confidence survey for August and the Bureau of Labor Statistics’ jobs report for July.