US futures were showing uncertainty and kept on fluctuating on Monday even as the US stock market is not open today. Nasdaq Composite futures and S&P 500 futures were trading almost flat after showing some strength earlier.
Initially, the rise in U.S. equity futures was on the back of a possible summit meeting on Ukraine between President Joe Biden and his Russian counterpart Vladimir Putin. However, the gains were short-lived once the news came from the Kremlin that there are “no concrete plans” yet for a summit between the Russian and U.S leaders.
U.S. markets are on holiday today, and no trading will take place on the New York Stock Exchange or Nasdaq but futures are still traded by investors.
US stock market is closed on account of Presidents Day to celebrate George Washington’s birthday. The market reopens on Tuesday following the three-day holiday weekend that commemorates the birth of America’s first president. According to Nasdaq, the holiday originally began as a way to honor Washington’s birthday– which is actually on Feb. 22 – and has since evolved to recognize Abraham Lincoln’s birthday (Feb. 12), and even simply honor all presidents, past and present.
Last week, there was high volatility in the stock prices and indices ended up with losses. Nasdaq Composite and S&P 500 were down by almost 1.76 per cent and 1.58 per cent over the last 5-days trading session.
Besides the Russia-NATO standoff, other key factors that will remain in focus will be inflation, economic growth and impending Fed rate hike in the weeks ahead. Key Federal Reserve officials last week backed raising interest rates in March to curb the hottest inflation in 40 years in the US economy.
U.S. new home sales, GDP, initial jobless claims figures are expected to be available on Thursday this week. The U.S. consumer income, U.S. durable goods, and University of Michigan consumer sentiment will be out on Friday.