Futures tied to the Dow Jones Industrial Average were lower by 115 points. S&P 500 futures edged slightly lower by 0.37% and Nasdaq 100 futures were also 0.31% lower.
Stocks added to their three-week slide in regular trading. The Dow fell about 173 points or 0.5%, and the S&P 500 slid 0.4%. The Nasdaq Composite dropped 0.7% to notch its first seven-day losing streak since 2016.
Investors are split on how to approach the market entering the first post-Labor Day week in September, a notoriously cruel month for stocks. All eyes are on the 3,900 level on the S&P 500. Some see the index falling to even lower lows, while others are optimistic about a year-end rally.
“It is the battleground,” NewEdge Wealth’s chief investment officer Cameron Dawson, said on CNBC’s “Closing Bell: Overtime.” “It was resistance and support, and anytime you have these places where you have a lot of consolidation of resistance and support, we’re going to see a lot of fighting to see where we push either above or below it.”
“If we hold 3,900, that is a bullish signal,” she added. “That means the market is sniffing out some change in liquidity, willing to put a higher multiple on things on a sustainable basis… If we don’t, then that 3,600 is in play in short order.”
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