US stock futures were slightly lower in Monday (March 30) evening trading local time, suggesting a subdued start to Tuesday’s session on Wall Street, with tech stocks remaining under pressure.
Futures linked to the Dow Jones and S&P 500 are little changed, down 20 points and 3.50 points, respectively. Nasdaq 100 futures, however, saw a sharper decline, down 179.39 points or 0.78%, indicating continued weakness in the tech sector.
The moves follow a mixed close on Monday, when the S&P 500 dropped 0.39% to 6,343.72, marking its third straight day of losses. The Nasdaq Composite slid 0.73%, while the Dow Jones Industrial Average edged up 0.11%.
Inflation grounded
Fed Chair Jerome Powell’s comments assuring inflation is in check did little to uplift or sway market sentiment in either direction. Powell said the US Federal Reserve is committed to bringing inflation back to its 2% target and signalled no rush in making policy changes amid extreme global uncertainties.
“Inflation expectations do appear to be well anchored beyond the short term, but nonetheless, it’s something we will eventually maybe face the question of what to do here,” he said.
Powell also commented that the impact of West Asia war on energy is short-lived, despite rising prices.
Trump threatens to attack key infrastructure
The moves also come as US President Donald Trump threatened to launch further attacks and “blow up” Iran if it continues to close the Strait of Hormuz while claiming to be in talks with a “new and more reasonable regime”.
“Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately ‘Open for Business,’ we will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinisation plants!),’ Trump posted on Truth Social.
Also Read: Powell says Fed can look past energy shock, but won’t ignore inflation risks
