U.S. stock futures dropped Monday as Wall Street comes off a winning week, with the S&P 500 logging its longest positive streak in two decades. Futures tied to the S&P 500 fell around 0.8%, Dow Jones Industrial Average futures shed 278 points, or 0.7%, and Nasdaq-100 futures lost 0.9%. The broad market index advanced nearly 1.5% on Friday, its ninth straight day of gains — its longest winning run since November 2004 — managing to recover all losses incurred since April 2.
The tech-heavy Nasdaq Composite gained 1.5% Friday, while the Dow industrials rose nearly 1.4%. Increasing hopes for improved trade relations with major trading partners have recently buoyed sentiment and stocks. However, no trade deals have been announced between the U.S. and other countries.
We do see this run-up as being more based on excitement than actual, solid fundamentals,” said Ryan Dykmans, chief investment officer at Dunham & Associates Investment Counsel. It will be a big week for Wall Street as the Federal Reserve kicks off a two-day policy meeting on Tuesday, with a decision expected Wednesday. Fed funds futures trading points to just a 3.2% chance of a rate cut.
Nonetheless, traders will be watching any commentary from the central bank or Fed Chair Jerome Powell on the outlook for the economy amid heightened uncertainty stemming from the trade war. Berkshire Hathaway’s board on Sunday voted unanimously to make Greg Abel the CEO of the conglomerate come Jan. 1, 2026, while keeping Warren Buffett as chairman, sources said.
This comes after Buffett shocked Berkshire shareholders at the company’s annual meeting Saturday, recommending the board vote to make Abel CEO by year-end. Australian stocks fell Monday after Prime Minister Anthony Albanese returned to power, while most Asian markets were closed for holidays. Albanese is the country’s first prime minister to clinch a second consecutive term in 21 years, indicating Australians’ desire for policy continuity amid an uncertain global macroeconomic outlook.
The benchmark ASX 200 ended the day 0.97% lower at 8,157.80. In other Asian markets, Taiwan’s benchmark Taiex plunged 1.23% in choppy trade to close at 20,532.99.
Stock futures dip amid tariff fears
India’s benchmark Sensex advanced 0.37% to 80,796.84. Asia-Pacific currencies appreciated Monday as the U.S. dollar weakened. The offshore Chinese yuan strengthened marginally by 0.18% against the dollar to 7.1987.
The Taiwanese dollar appreciated 3.52% against the greenback to 29.622. The Australian dollar appreciated 0.68% against the greenback to trade at 0.6487. Similarly, the Singapore dollar strengthened by 0.73% to 1.2884 against the greenback.
The Japanese yen appreciated 0.74% against the U.S. dollar to trade at 143.86, while the Indian rupee strengthened 0.22% against the greenback to 84.313. U.S. crude oil fell more than 4% on Sunday after OPEC+ agreed to surge production for a second month. West Texas Intermediate crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened.
Global benchmark Brent crude fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year. The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase production by another 411,000 barrels per day in June, following a similar increase decided upon last month.
U.S. stock futures were flat Sunday night. Futures tied to the S&P 500 fell 0.2%. Dow Jones Industrial Average futures and Nasdaq-100 futures ticked down 0.2% each.
This article was compiled based on available market data and expert insights. Stay tuned for more updates as we track the latest developments in the financial markets.
