Stock futures were mixed on Monday morning after Wall Street wrapped up another negative quarter and both the S&P 500 and Dow Jones Industrial Average finished their worst month since March 2020.
Dow Jones Industrial Average futures rose 0.17%, while futures tied to the S&P 500 fell marginally. Nasdaq 100 futures fell 0.37% .
Friday capped off a negative month and quarter for all the major averages, with the Dow falling 500.10 points, or 1.71%, to close below 29,000 for the first time since November 2020.
For the quarter, the Dow fell 6.66% to notch a three-quarter losing streak for the first time since the third quarter of 2015. Both the S&P and Nasdaq Composite fell 5.28% and 4.11%, respectively, to finish their third consecutive negative quarter for the first time since 2009.
The Dow shed 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5%, respectively. All the major averages also recorded their sixth negative week in seven.
Heading into the new quarter, all S&P 500 sectors sit at least 10% off their 52-week highs. Nine sectors finished the quarter in negative territory. Consumer discretionary was the best performer, gaining more than 4.1%.
In the fourth quarter, elevated inflation and a Federal Reserve intent on bringing surging prices to a halt regardless of what it means for the economy will likely continue to weigh on markets, said Truist’s Keith Lerner. Oversold conditions, however, also make the market vulnerable to a sharp short-term bounce on good news, he added.
“I think we could be set up for some type of reprieve but the underlying trend at this point is still a downward trend and choppy waters to continue,” Lerner said.
On the economic front, Markit PMI and ISM manufacturing data are slated for release on Monday along with construction spending.