US stock futures were little changed on Monday in thin trading, with US cash markets closed for the Presidents’ Day holiday. Activity across Asia is likewise expected to remain subdued, as Mainland China stays shut for the week-long Lunar New Year break.
Wall Street finished last week on weaker ground. The Dow slipped 1.23%, the S&P 500 fell 1.39%, and the Nasdaq Composite lost 2.1%, weighed down by declines in the financials, communication services, consumer discretionary, and technology sectors. Sentiment deteriorated amid renewed concerns about elevated AI-related capital expenditure and the potential for structural disruption in select industries.
Among megacap technology names, Apple, Amazon, Meta, Alphabet, and Broadcom dropped between 2.3% and 8% over the week. Investors now look to the next wave of corporate earnings for guidance on the outlook, with results due from Walmart, Warner Bros. Discovery, Booking Holdings, Deere & Company, and Palo Alto Networks.
