U.S. stock futures rose on Monday, recovering after the worst week in nearly three months for two major benchmarks.
What’s happening
- Futures on the Dow Jones Industrial Average YM00, +0.40% rose 137 points, or 0.4%, to 34,628
- Futures on the S&P 500 ES00, +0.42% rose 18 points, or 0.4%, to 4,467
- Futures on the Nasdaq 100 NQ00, +0.39% rose 59 points, or 0.4%, to 15,493
Last week, the Dow industrials DJIA, -0.78% dropped 2.2%, the S&P 500 SPX, -0.77% lost 1.7% and the Nasdaq Composite COMP, -0.87% retreated by 1.6%. For both the Dow and the S&P, it was the worst week since the period ending June 18, and they both dropped for five consecutive sessions.
What’s driving markets
There weren’t any major developments either on the economic or corporate front, ahead of more fireworks on Tuesday, when consumer price data will be released and Apple will unveil its new iPhones.
Supply-chain worries as well as the delta variant of coronavirus were two factors behind last week’s stock-market declines. Three major U.S. airlines each cut sales guidance due to a worse-than-expected travel recovery.
An investor survey conducted by Deutsche Bank found more than two-thirds expecting at least a 5% decline in stocks by the end of the year. The same survey found the biggest risks to the market are new variants that bypass vaccines, and higher than expected inflation or bond yields.
What companies are in focus
- Alibaba 9988, -4.23% BABA, +0.47% shares dropped 4% in Hong Kong trade as the Financial Times reported that Chinese regulators want to break up popular payments app Alipay.
- Valneva VLA, -30.52% dropped by a third in Paris after the U.K. ended a supply deal for its coronavirus vaccine candidate.
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