Equity futures were flat in overnight trading after Federal Reserve Chair Jerome Powell said the central bank would accept higher rate hikes to counter rising inflation.
The Dow Jones Industrial Average futures rose 10 points, while the S & P 500 futures Nasdaq 100 futures were flat.
Nike’s share price rose 6% in long-term trading on Monday after retailers reported top-line and bottom-line beats in the third quarter, supported by strong demand in North America.
The trading session on Monday was volatile as Powell vowed to take “necessary steps” to curb inflation within a week of raising interest rates for the first time since 2018. Powell said “inflation is too high,” adding that interest rates could rise further, if necessary, than the previously approved 25 basis points.
During regular trading on Monday, the Dow Jones Industrial Average fell 201.94 points (0.6%), breaking the five-day streak. Meanwhile, the S & P 500 fell slightly after rising 0.4% during the session, while the Nasdaq Composite fell 0.4% to 13,838.46 after falling 1.5% at the session’s lows.
Ed Jardeni, President and Chief Strategy Officer of Jardeni Research, told CNBC’s Closing Bell: Overtime on Monday that “the market has returned quite well in the last hour of the transaction. I’m encouraged. “
“The market is looking for opportunities, and I think they will continue to exist in areas such as energy and commodities. Markets will find more opportunities in finance as interest rates rise and technology looks very cheap. I think, “he added.
Meanwhile, oil prices rose again on Monday following news that the European Union is considering a ban on Russia’s oil. West Texas Intermediate and Brent crude both rose about 7% to settle at $ 112.12 and $ 115.62 a barrel. During the rally, energy stocks, including Occidental Petroleum and Marathon Oil, each surged 8%.
Investors continued to monitor the situation in Eastern Europe on Monday as Ukraine refused to hand over Mariupol’s port city to Russian troops as ongoing peace talks between Russia and Ukraine did not progress. Market watchers are also monitoring Omicron subvariants throughout Europe with one of the worst Covid-19 outbreaks in China since 2020.
Buzzfeed reports revenue before the bell on Tuesday, with Poshmark and Adobe set to follow the bell.