From the technical point of view, SP500 faced strong resistance in the 5870 – 5880 range and is trying to gain additional downside momentum. In case SP500 settles below the 50 MA at 5836, it will head towards the nearest support level, which is located in the 5800 – 5810 range.

The Dow Jones Industrial Average and S&P 500 closed lower on Monday, retreating from Friday’s record high closes and six straight weekly gains as Treasury yields rose and investors wary of high valuations awaited earnings from major companies.

The three major averages cinched their sixth straight positive week. This marked the longest string of weekly advances in 2024 for both the Dow and S&P 500, which respectively ended 0.96% and 0.85% higher. The Nasdaq climbed 0.80%.

Stocks futures were lower Monday morning, as investors prepare for a flurry of earnings reports from major companies in the coming days. Major indexes are riding six-week winning streaks.

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed ahead of Tuesday's stock market open. Nvidia stock rallied to new highs Monday. The coming week will be light on economic data with the highlight likely being Thursday morning's release of initial jobless claims for the week through Oct.