Stock futures experienced a slight decline on Tuesday as Wall Street absorbs the impact of a recent market surge that propelled the S&P 500 to its highest level in nine months.
The futures tied to the Dow Jones Industrial Average have slid by 55 points, representing a decrease of approximately 0.2%. Similarly, the S&P 500 and Nasdaq-100 futures have dipped by 0.1% and 0.04% respectively.
Following a downturn in the previous session, the S&P 500 experienced a 0.2% decrease after reaching its highest level since August. Both the Dow and Nasdaq Composite also saw declines.
Apple Inc. (NASDAQ: AAPL) played a role in this market downturn. The company briefly reached all-time highs earlier in the session but ended approximately 0.8% lower. The tech giant debuted its highly anticipated virtual reality headset and new software at its annual Worldwide Developer Conference on Monday. This announcement resulted in a slight increase in its shares after hours.
Keith Buchanan, senior portfolio manager at Globalt Investments, remarked, “If you’re a $3-trillion company, the tail kind of wags the dog to an extent. Apple, just given the sheer magnitude of its market cap, is going to have its way with most broader indices.”
In addition, bank stocks have also suffered a decline due to news that regulators are considering raising capital requirements for large banks. The Goldman Sachs Group, Inc. (NYSE: GS) and Bank of America Corporation (NYSE: BAC) both experienced losses of about 0.6% on Monday. Morgan Stanley (NYSE: MS) slipped around 0.7%, while JPMorgan Chase & Co. (NYSE: JPM) saw its shares slide nearly 1%. The SPDR S&P Bank ETF dropped approximately 2.2%.