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By 7:50 pm ET (12:50 am GMT) Dow Jones Futures and Nasdaq 100 Futures eased 0.1% while S&P 500 Futures slipped 0.2%.
In extended deals, Gitlab Inc (NASDAQ:GTLB), an open-source software development platform, soared by 16.2% after the company reported EPS of $0.09 versus expected losses of $0.01 per share on revenues of $149.7 million versus $141.53 expected. The company also provided a robust outlook for the current quarter.
During regular trading on Monday, the Nasdaq Composite fell by 0.8% as tech companies faced broad-based losses. Nvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC) declined by 2.7% and 3.2%, respectively. Alphabet (NASDAQ:GOOGL) also dropped nearly 2%, while Meta (NASDAQ:META) shares lost 1.5%. This pullback occurred after five consecutive weeks of gains for the three major averages. The S&P 500 and the 30-stock Dow slipped by 0.5% and 0.1%, respectively.
Contrastingly, small-cap stocks outperformed the wider market, with the Russell 2000 posting a 1% gain. The small-cap index has seen a near 7% rise over the past month, fuelling optimism for a broadening market rally. Traders are becoming confident that the Federal Reserve will begin to cut rates next year, despite recent hawkish commentary from the central bank.
However, Jason Heller, Senior Executive Vice President at Coastal Wealth, advises investors to moderate their expectations for equity gains heading into 2024.
Heller stated that given the elevated interest rates, a weakening consumer, and tempered earnings expectations, there are few catalysts for stock growth. He anticipates stocks to remain within a narrow trading range.
While the Federal Reserve is currently in a “blackout period,” limiting comments from the central bank’s officials, Wall Street has more to anticipate on the economic front. Traders will be watching for the latest Job Openings and Labor Turnover Survey report on Tuesday morning.
On the bond markets, United States 10-Year rates were at 4.249%.
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