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U.S. stocks futures were trading lower early Tuesday morning .
On Monday, stocks gave up early gains and closed slightly lower Monday as investors began another busy week of company earnings and economic reports.
Major indexes spent much of Monday’s session flitting between gains and losses before falling in the afternoon.
The S&P 500 fell 11.66 points, or 0.3%, to 4118.63. The Dow Jones Industrial Average shed 46.73 points, or 0.1%, to finish at 32798.40. The technology-focused Nasdaq Composite Index lost 21.71, or 0.2%, to 12368.98.
U.S. stocks mounted a furious recovery in recent weeks, boosted by positive signals from earnings and expectations that the Federal Reserve may not need to raise interest rates as aggressively as once thought, spurring a rally in government bonds alongside stocks.
August’s subdued opening follows a solid rally for stocks last month: July was the best month for the S&P 500 index since November 2020.
But this week’s array of economic reports and company earnings has left traders “a little cautious,” said Lindsey Bell, chief markets and money strategist at Ally Invest.
“Investors are still assessing where we break from here – further to the upside or reverse course,” Bell said.
The benchmark S&P 500 index fell 11.66 points to 4,118.63. It’s coming off a 9.1% gain in July, but remains down 13.6% for the year.
The Dow lost 46.73 points to close at 32,798.40, while the Nasdaq slid 21.71 points to 12,368.98. The Russell 2000 ended down 1.92 points at 1,883.31.
Banks, health care companies and tech stocks were among the biggest weights on the S&P 500.
JPMorgan Chase fell 1%, UnitedHealth Group dropped 1.3% and Intuit slid 1.7%.
Meanwhile, Asian stocks were lower on Tuesday.
Japan’s Nikkei slid 1.54%, while Taiwan’s stock index dropped 1.87%. Chinese blue chips tumbled 2.47% and Hong Kong’s Hang Seng lost 2.71%.
Australian stocks pared declines and the Aussie dollar weakened after the central bank raised the key rate by an as-expected 50 basis points, with markets interpreting changes to the accompanying policy statement as dovish.
“We knew from the onset that (Pelosi’s trip) would be a driver of risk-off sentiment in the region,” said Carlos Casanova, the senior Asia economist at Union Bancaire Privee in Hong Kong.