Stock futures saw a minor downturn on Monday night as major averages took a breather from their recent upward momentum. Dow Jones Industrial Average futures slipped by 0.1%, shedding 43 points, while both S&P 500 futures and Nasdaq 100 futures also dipped by 0.1%. The slight pullback follows a day of trading where the Nasdaq Composite experienced a 0.8% decline, primarily driven by a drop in tech stocks. Notable declines were seen in companies like Nvidia, Intel, Alphabet, and Meta.
In after-hours trading, GitLab’s shares surged by 16% after the open-source software development platform exceeded expectations on both top and bottom lines in the third quarter, coupled with robust guidance for the current quarter. Despite the recent positive momentum in small-cap stocks, particularly with the Russell 2000 posting a 1% gain, some experts advise caution heading into 2024. Jason Heller, Senior Executive Vice President at Coastal Wealth, suggests that with elevated interest rates, a weakening consumer, and tempered earnings expectations, investors should temper their expectations for significant equity gains. As Wall Street awaits the latest Job Openings and Labor Turnover Survey report on Tuesday morning, the market appears to be navigating a delicate balance between recent optimism and potential headwinds.