Dow Jones Industrial Average futures fell 45 points, or 0.13%. On Monday, the 30-stock index closed above its 200-day moving average for the first time since late April. S&P 500 and Nasdaq 100 futures fell 0.13% and 0.08%, respectively. Shares of ZipRecruiter fell more than 5% in after-hours trading after the company cut its revenue outlook. Compass shares fell nearly 13% after the real estate broker missed quarterly revenue expectations and cut its outlook. At the start of regular trading on Monday, energy and financials initially dragged markets lower after weak economic reports from China and news that the country’s central bank unexpectedly cut interest rates. Later in the day, markets rallied to the upside as consumer staples, communications services and consumer discretionary stocks rallied. However, some see the recent gains as a market rally rather than the start of a new up cycle. “I think people are not sensitive enough to this economic slowdown and what it will mean for corporate earnings and margins,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, told CNBC’s “Fast Money.” Investors can expect more earnings announcements next week as major retailers are set to announce. Home Depot and Walmart are due to post results before the bell on Tuesday. Target and Lowe’s will report quarterly results on Wednesday. This week, investors will also be watching the minutes from the Federal Reserve’s July meeting, which could provide further clues on how the central bank will raise interest rates to tame inflation going forward.
