S&P 500 futures are little changed Sunday after another losing week - Streetcurrencies

• Streetcurrencies
• 21 Aug, 2023

U.S. S&P 500 futures were little changed on Sunday night after another losing week for the major averages.

Futures tied to the broader index ticked up by 0.03%. Dow Jones Industrial Average futures dipped 7 points, or by 0.02%. Meanwhile, Nasdaq 100 futures rose 0.18%.

Palo Alto Networks jumped 11% in extended trading after reporting earnings results late Friday that topped analysts estimates. As of Friday’s close, the stock was down by 16% this month.

Investors are coming off a mixed session on Friday. The Dow Jones Industrial Average added 25.83 points, or 0.07% higher. Meanwhile, the S&P 500 edged down 0.01%, while the Nasdaq Composite fell 0.2%.

However, the major averages declined on a weekly basis in the midst of the summer doldrums on Wall Street. The Nasdaq Composite closed the week lower about 2.6%, down for a third straight week for the first time since December. Meanwhile, the Dow closed the week lower by 2.2%, its worst streak since March. And the S&P 500 dropped 2.1% and posted its third consecutive losing week, which hadn’t happened since February.

Investors digested rising bond yields and weakness out of China that put a damper on markets during a typically lackluster season. On Friday, however, bond yields eased somewhat from their recent highs.

“The S&P 500 is sitting in short-term oversold territory, a technical measure encompassing numerous components including investor sentiment along with a host of more esoteric measures,” Quincy Krosby, chief global strategist at LPL Financial, wrote on Friday.

Regardless, there are several major market events in the week ahead. Investors are awaiting the latest quarterly results from key artificial intelligence beneficiary Nvidia on Wednesday. They’re also anticipating an address Friday morning from Federal Reserve Chair Jerome Powell at the central bank’s annual symposium at Jackson Hole, Wyoming. Source.