Stock futures in the U.S. are slightly down as investors assess corporate earnings before a key inflation report. The week looks set to end on a negative note after a strong month for stocks.
Some notable movements include Dell Technologies dropping 16% despite positive first-quarter results, while Zscaler surged 14%. The apparel retailer Gap saw a 21% increase, but department store chain Nordstrom fell over 6%.
Concerns about volatility in the market have arisen, with worries that the recent tech stock rally may be masking broader weakness. Jeff deGraff from Renaissance Macro Research advised caution, noting that the market may consolidate over the summer.
Economists are looking ahead to the April personal consumption expenditure data, expecting a slight decrease in core PCE year-over-year increase.
Overall, stocks are heading towards a positive end to the month, with the Dow up 0.8%, the S&P 500 higher by 4%, and the Nasdaq Composite on track for its best month since November 2023.
