Today’s stock market: real-time updates

S&P 500 Futures Technology shares rose slightly on Monday after the broader index suffered its biggest weekly drop since April last week as investors dumped large-cap technology stocks in favor of smaller ones.

Futures tied to the broad market index rose 0.5%. Dow Jones Industrial Average and Nasdaq 100 Futures Up 0.2% and 0.7% respectively.

Traders are also keeping a close eye on the political situation in the United States after the resignation of U.S. President Donald Trump. Joe Biden Discarded Withdrawal from the presidential race Sunday and approved Vice President Kamala Harris As the Democratic nominee. Since Biden’s poor performance in the June debate, many analysts believe the former president’s victory is increasingly likely. Donald Trump November.

Jay Hatfield, CEO of Infrastructure Capital Advisors, said he expects a “muted stock market reaction” to Biden’s exit from the presidential race because it is widely expected to be the case. Ask him to quit The sound is getting louder and louder.

“The fact that Biden endorsed Kamala Harris reduces uncertainty. Trump’s trade may see a small pullback on Monday because Vice President Harris is seen as having a slightly better chance of winning,” Hatfield said.

Earnings and central bank policy will also be top of mind. Traders are pricing in a nearly 93% chance of a rate cut at the Federal Reserve’s September meeting. With that in mind, investors have been selling off big tech stocks that have won the market rally in favor of rate-sensitive names such as small-cap and industrial stocks that stand to benefit from lower rates.

Last week, the S&P 500 and Nasdaq Composite fell nearly 2% and 3.7%, respectively, posting their biggest weekly declines since April. The Dow, on the other hand, rose 0.7%, while the small-cap-heavy Russell 2000 rose 1.7%.

In terms of earnings, investors will focus on VerizonQuarterly earnings are due on Monday morning. No major economic updates are expected until later in the week.