A trader works as American flags are displayed on the floor of the New York Stock Exchange (NYSE) in New York
Michael Nagle | Bloomberg | Getty Images
Stock futures are modestly lower Monday night as investors are coming off a losing session that took a small bite out of last week’s advance.
Futures tied to the Dow Jones Industrial Average shed 22 points, or about 0.07%. S&P 500 and Nasdaq-100 futures slipped 0.06% and 0.1%, respectively.
The moves follow a losing day on Wall Street that marked a modest reversal from last week’s broad gains. The Dow finished Monday down about 0.6%, while the S&P 500 and Nasdaq Composite lost about 0.2% and 0.1%, respectively.
Apple contributed to the leg down, as the iPhone maker briefly touched all-time highs earlier in the session only to end about 0.8% lower. The Big Tech company — which swung between a 2.2% gain and a 1.6% loss Monday — debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference on Monday. Shares were up slightly after hours.
Apple’s conference also weighed on other tech names, with Intel dropping more than 4% after Apple unveiled a new chip.
“If you’re a $3-trillion company, the tail kind of wags the dog to an extent,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “Apple, just given the sheer magnitude of its market cap, is going to have its way with most broader indices.”
Elsewhere, bank stocks slid following news that regulators are contemplating increasing capital requirements for large banks. Goldman Sachs and Bank of America each lost about 0.6% on Monday, while Morgan Stanley slipped around 0.7% and JPMorgan shares slid nearly 1%. The SPDR S&P Bank ETF dropped about 2.2%.
With no economic data of note scheduled Tuesday, investors will focus on some of the last earnings reports to trickle in this season, including one coming after the bell from online personal styling service Stitch Fix.
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