Experts anticipate US stocks to open lower on Monday’s trading session as Wall Street looks to shake off a losing week.
Futures tied to the Dow Jones Industrial Average declined 0.42% or 144.00 points to the 34,465 mark.
At the same time, S&P 500 contracts edged down 0.59% or 26.25 points to the 4,457.25 mark.
Similarly, those for the Nasdaq dropped 0.69% or 98.50 points to the 14,226.50 mark.
The downward trend of US stocks came as Treasury yields, moving inversely from prices, continued their upward trek. On Friday, the 10-year yields hit a three-year high. Then, at the time of this writing, this benchmark Treasury note rose 5.00 basis points to 2.77%.
US stocks came from a negative week, with the technology sector being a source of concern. The tech-heavy Nasdaq Composite index dwindled 3.90% last week, while the S&P 500 and DJIA benchmarks dropped 1.30% and 0.30%, respectively.
Meanwhile, the healthcare sector was a bright spot, gaining more than 3.00% in the prior week. Shares of Pfizer surged 6.55% or 3.39 points to $55.17 per share in the past five days. Johnson & Johnson also added 2.21% or 3.93 points to $182.12 per share.
Accordingly, the fight against inflation will likely be a market driver this week. Market participants looked forward to the release of the new economic data. March’s US consumer price index will be out on Tuesday, and the producer price index following on Wednesday.
Analysts firmly believe that the Federal Reserve can get inflation under control without causing significant damage to the economy.
US stocks this week; Tesla, Apple
Shares of Tesla Inc. had an outside, negative reversal week. Nevertheless, it now has a handle on a weekly chart after running up sharply.
Last month, Chinese sales of the leading electric vehicle maker were strong. However, the prolonged Shanghai lockdown could take a toll on April production.
In other news, Twitter CEO Parag Agrawal announced that Elon Musk would not join the company’s board. Musk previously disclosed that he had become the largest shareholder of the microblogging platform, with a 9.10% stake. Shares of the social media company closed the week up nearly 18.00%, but below Monday’s low.
Like other US stocks, Apple Inc. drifted lower while still trading tightly. The reports of weaker consumer electronics demand have taken a toll on chipmakers, including iPhone suppliers. Regardless, Apple stock itself has coped better than its rivals.