Jan. 26, 2023 Morning traders work on the floor of the New York Stock Exchange (NYSE) in New York City.
Michael M. Santiago | Getty Images
The S&P 500 was Stock futures were slightly lower on Tuesday as it looks set to end its best January since 2019.
Futures tied to the S&P 500 fell 0.27%, while futures tied to the Dow Jones Industrial Average fell 0.26%, or 86 points. Nasdaq-100 futures fell 0.48%.
The overnight moves followed January’s best pause for stocks. In regular trading, the Dow fell 260.99 points, or 0.77%, while the S&P and Nasdaq Composite fell 1.30% and 1.96%, respectively.
Stocks rallied to start the year after a disastrous 2022 — and the worst year for stocks since 2008. As of Monday’s close, the S&P and Dow were up 4.64% and 1.72% in January, respectively, and are headed for their third positive month in a row. four. The Nasdaq Composite is up 8.86% this month, putting it on pace for its best monthly performance since July.
Trivariate Research’s Adam Parker told CNBC’s “Closing Bell: Overtime” on Monday. “
A clear January can be a good sign for the market, and could indicate continued growth in the coming months. After a negative year for the S&P, among the five occasions it gained more than 5% in January, the benchmark index has risen an average of 30% for the year, said Ryan Detrick of the Carson Group. on Twitter.
However, a busy earnings week with reports from the likes of McDonald’s, MetaPlatforms and Amazon could threaten this recent rally. Investors are watching closely for comments on how some big companies will fare amid fears of higher inflation and lower consumer spending.
With the Federal Reserve’s latest policy meeting starting on Tuesday, attention has turned to the latest interest rate decision. Traders widely expect a 25-basis-point hike, but will watch sentiment for clues as to how much further hikes the Fed plans to make or cut rates.
Companies reporting earnings on Tuesday include McDonald’s, Caterpillar, General Motors, Pfizer and Advanced Micro Devices.