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 February 13, 2018 - 8:39 AM EST
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Futures Trip Backward as Wild Swings Continue

Futures Trip Backward as Wild Swings Continue

U.S. stock index futures fell ahead of Tuesday's open, pulling back from the sharp gains posted in the previous trading session.

Futures for the Dow Jones Industrials retreated 92.27 points, or 0.4%, to 24,479

S&P 500 futures slumped 9.3 points, or 0.4%, to 2,645, while futures on the NASDAQ Composite dropped 25.6 points, or 0.4%, at 6,500.25

AllianceBernstein Holding, Baidu Inc. and Diamondback Energy are among a small crop of companies declaring earnings today.

Markets have been on edge over the past week due to the likelihood of higher interest rates. While last Friday saw trade close higher, all three major indexes ended the week more than 5% down, with the Dow delivering its worst performance since January 2016.

President Donald Trump unveiled the country's latest budget Monday, with the White House calling for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2% a year after 2019.

The program also calls for cuts to programs like Medicare, in addition to an increase in military spending and funding for Trump's proposed wall along the Mexican border. Congress, however, will ultimately decide when it comes to setting spending levels.

On the data front, the National Federation of Independent Business' small business optimism index rose to near record levels in January, with business owners showing concerns about the inability to find qualified workers.

Overseas, in Japan, the Nikkei returned to trading and lost 0.7%, while in Hong Kong, the Hang Seng Index regained 1.3%.

Oil prices retreated 37 cents to $58.92 U.S. per barrel.

Gold prices acquired $1.70 to $1,321.60 U.S. an ounce.


Source: Livemoney (February 13, 2018 - 8:39 AM EST)

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