US pre-open: Futures little changed following Nasdaq's record close

21st May 2024 11:54

(Sharecast News) - Wall Street futures were little changed ahead of the bell following the tech-heavy Nasdaq Composite record close in the previous session.

As of 1240 BST, Dow Jones futures were up 0.02%, while S&P 500 futures were 0.03% firmer and Nasdaq-100 futures had the index opening 0.06% weaker.

The Dow closed 196.82 points lower on Monday, retreating back below the psychologically important 40,000-point mark after JPMorgan Chase chief executive Jamie Dimon indicated that his retirement may be sooner than originally expected and that the lender would not look to repurchase many shares at their current price.

Trade Nation's David Morrison said: "It was a quiet start to week as far as US stock indices were concerned. The Dow closed lower, pulling back from 40,000, while the S&P 500 eked out a small gain. The tech-heavy Nasdaq-100 ended at a new record, helped along by Nvidia which tacked on around 2.7% yesterday, ahead of tomorrow's key earnings update. The old-school Dow was weighed down by JP Morgan which fell 4.5% after CEO Jamie Dimon suggested that he may relinquish his role earlier than expected and that the banking giant wouldn't be buying back much stock at current levels."

In the corporate space, shares in home improvement retailer Lowe's were higher in pre-market on the back of its better-than-expected Q1 earnings and revenue results, while cybersecurity company Palo Alto Networks traded lower after issuing in line current-quarter guidance.

Department store chain operator Macy's topped earnings estimates with its latest quarterly numbers as its new turnaround plan started to bear fruit, while automotive parts retailer Auto Zone missed estimates even as its net sales and earnings per share surpassed last year's numbers.

On the macro front, Federal Reserve bankers Christopher Waller, Tom Barkin and Raphael Bostic will all deliver speeches on Tuesday.

Reporting by Iain Gilbert at Sharecast.com