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U.S. stock futures fell on Monday, while the dollar held onto gains against global peers and Treasury yields stabilized, as investors braced for a holiday-shortened week following the five-day streak. strong for stocks this year.
Updated at 7:37 amEDT
EU investigation
Apple (AAPL) Alphabet (GOOG) and metaplatforms (GOAL) Shares fell early Monday after antitrust regulators in Europe launched an investigation into each of the three tech giants for possible violations of the EU Digital Markets Act.
The EU is investigating Meta's recent move to force users to pay for an ad-free model on its platform, Apple's alleged preference for its Safari browser in the App Store, and Alphabet's alleged abuse of its market position search.
Apple shares fell 0.66% to $171.15 each, while Alphabet fell 0.63% to $150.81 each. Meta platforms fell 0.853% to $505.33 each.
The EU opened an investigation into $AAPL, $GOOGL and $GOALin its first investigation within the framework of the new and extensive technological legislation of the Digital Markets Law. https://t.co/c3GZOqvz8l
– don't reload (@thudderwicks) March 25, 2024
stock market today
stocks closed mixed on Friday, with the Nasdaq eking out a modest gain while all three major indexes posted their strongest weekly gains of the year thanks to Federal Reserve rate cut signals, strong economic data and the ongoing rally in stocks. market-leading chip stocks. .
In fact, Goldman Sachs analyst David Kostin sees so-called 7 great tech stocks, including ai chipmaker Nvidia. (NVDA) supporting further gains in the coming months in a report that raised the bank's year-end bullish target for the S&P 500 to 6,000 points.
On the other hand, former “bond king” Bill Gross, co-founder of PIMCO, warned late last week that “excessive exuberance” has driven markets to their recent series of all-time highs, driven largely part due to “deficit spending.” and enthusiasm for ai.”
Investors are unlikely to find clarity on both sides of the ledger this week, with the trading calendar reduced to four days due to the Easter holiday on Friday and a light flurry of economic data releases and corporate earnings available.
In fact, the highlight of the week will be Good Friday, when the US and European markets are closed. This is the publication of the Federal Reserve's preferred inflation indicator, the PCE price index, for the month of February.
Monday's focus is likely to fall on the bond market, where the Treasury will sell $66 billion in new 2-year bonds later today as part of a three-day funding run that will raise about $176 billion and will test investor appetite in the current inflationary environment. .
Benchmark 2-year bond yields were last marked at 4.615% at the start of the New York trading session, having fallen about 14 basis points last week following the dovish forecast for interest rates. the Federal Reserve.
Meanwhile, the US dollar index rose 0.31% to 104.326, as the yen continued to weaken in global currency markets and the euro eased on the European Central Bank's renewed bets on rate cuts.
On Wall Street, stocks appear headed for a modestly weaker open, with the S&P 500 poised to fall 19 points and the Dow Jones Industrial Average down 108 points.
Meanwhile, the Nasdaq drops about 110 points with chip stocks like Intel. (INTC) and advanced microdevices (amd) leading the decliners. The move follows a report suggesting that China has introduced import guidelines that could limit the sale of U.S.-made semiconductors.
In overseas markets, the European regional Stoxx 600, which hit an all-time high of 510.46 points last week, fell 0.24% in early Frankfurt trading, while Britain's FTSE 100 was down around 0. 33%.
Overnight in Asia, Japan's Nikkei 225 snapped a four-day winning streak with a 1.16% drop amid warnings from a government official that he could suggest intervention to support the yen. The Japanese currency is about to hit a 32-year low against the US dollar.
Meanwhile, the MSCI regional index excluding Japan fell 0.12% at the end of the day.
Related: A veteran fund manager picks his favorite stocks for 2024
