Dow futures rise as Wall Street tries to recover from tough September

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U.S. futures point to mixed open to kick off October

Dow Jones Industrial Average futures ticked higher Monday as Wall Street tried to start the new month, and quarter, on a solid note.

Dow futures traded 91 points higher, or 0.3%. S&P 500 rose 0.1%, and Nasdaq 100 dipped 0.3%.

Wall Street is coming off a tough month, with the Dow and S&P 500 notching their biggest monthly losses since March 2020. The Dow on Friday also closed below below 29,000 for the first time since November 2020.

The Dow shed 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5%, respectively.

For the quarter, the Dow fell 6.66% to notch a three-quarter losing streak for the first time since the third quarter of 2015. Both the S&P and Nasdaq Composite fell 5.28% and 4.11%, respectively, to finish their third consecutive negative quarter for the first time since 2009.

As the new quarter kicks off, all S&P 500 sectors sit at least 10% off their 52-week highs. Nine sectors finished the quarter in negative territory.

In the fourth quarter, elevated inflation and a Federal Reserve intent on bringing surging prices to a halt regardless of what it means for the economy will likely continue to weigh on markets, said Truist’s Keith Lerner. Oversold conditions, however, also make the market vulnerable to a sharp short-term bounce on good news, he added.

“I think we could be set up for some type of reprieve but the underlying trend at this point is still a downward trend and choppy waters to continue,” Lerner said.

On the economic front, Markit PMI and ISM manufacturing data are slated for release on Monday along with construction spending.

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