Indexes Pause Their Late-’23 Rally

Stock futures slipped Tuesday as a recent rally on Wall Street appeared to lose steam.

Futures for the Dow Jones Industrials slipped 88 points, or 0.2%, to 36,180.

Futures for the S&P 500 dropped 13.5 points, or 0.3%, at 4,563.

Futures for the NASDAQ fell 65.25 points, or 0.4%, to 15,803.75.

GitLab popped nearly 14% in the premarket after the open-source software development platform beat quarterly financial expectations and issued strong guidance for the current quarter. Lands’ End dropped 9% after posting earnings that showed weakness compared with the same three-month period a year prior.

The market is coming off a losing session. The NASDAQ fell 0.8% on Monday, as tech companies fell across the board. The S&P 500 and the 30-stock Dow slipped 0.5% and 0.1%, respectively. The pullback came on the back of five consecutive positive weeks for the three major averages.

The Fed is currently in a “blackout period,” meaning there will be limited comments from central bank officials ahead of its policy meeting next week. Elsewhere, traders will be watching for the latest Job Openings and Labor Turnover Survey report on Tuesday morning.

In Japan, the Nikkei 225 stumbled 1.4%, while in Hong Kong, the Hang Seng Index lost 1.9%.

Oil prices descended 47 cents to $72.57 U.S. a barrel.

Gold prices brightened $2.90 to $2,045.10 U.S. an ounce.