Stock market today: Live updates

Traders work on the floor at the New York Stock Exchange on Feb. 1, 2024.

Brendan Mcdermid | Reuters

U.S. stock futures hovered near the flatline Monday night following a sell-off spurred by higher bond yields and worries that the Federal Reserve may not cut rates as much as Wall Street had hoped. 

Futures tied to the Dow Jones Industrial Average slipped 23 points, or 0.06%. S&P 500 futures inched down 0.03%, while Nasdaq 100 futures ticked higher by 0.04%. 

In after-hours action shares of Palantir Technologies surged 17% after the company posted a revenue beat in the fourth quarter. NXP Semiconductors also rose 3.3% on better-than-expected results.

During Monday’s main trading session, the S&P 500 lost 0.32%, pulling back from its record high from last week that was powered by mega-cap tech stocks. The 30-stock Dow also retreated from its high, ending the session lower by 0.71%, and the tech-heavy Nasdaq Composite lost 0.2%. 

The decline in stocks came after Fed Chair Jerome Powell reaffirmed that a rate cut at the central bank’s March meeting is unlikely. His comments, which were aired on “60 Minutes” Sunday night, led to the 10-year Treasury yield rising by about 13 points Monday to 4.16%.

Bob Doll, CEO of Crossmark Global Investments, expressed concerns as to whether the market can sustain its recent rally. 

“There’s a lot of momentum, but I’m worried about [the S&P 500 at] 20 times earnings, and that the Fed’s not going to live up to [rate] cut expectations. And I don’t see how we get double-digit earnings growth,” Doll said on CNBC’s “Closing Bell: Overtime” on Monday. 

“I put all that together — I’m invested but I’m nervous,” Doll added. 

On the economic front Tuesday, Wall Street will be keeping an eye out for the New York Fed’s household debt and credit report for the fourth quarter. Several central bank speakers are slated to give comments, including Cleveland Fed President Loretta Mester and and Boston Fed President Susan Collins. 

Tuesday marks around the halfway point of the earnings season. Eli Lilly, Boeing supplier SpiritAeroSystems and DuPont will all be reporting their quarterly results that morning, followed by Amgen, Chipotle Mexican Grill and Ford after the bell.

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