Stock futures fell after a mixed session earlier in the day, which saw the S&P 500 and Dow pull back from record levels.
Contracts on the S&P 500 dipped. The index pulled back by the end of the regular session Tuesday. However, this came following a notable run-up for the blue-chip index in recent weeks: It had closed at record highs at the end of each of the last seven sessions, and hit a record intraday high Tuesday morning.
The Dow also dropped during Tuesday's session to pull back from Friday's record closing high, while the Nasdaq set a new record as shares of Apple (AAPL) ended at a six-month high and Amazon (AMZN) rallied. Shares of Didi Global (DIDI) steadied in late trading after shares sank 19% to close below their IPO price from last week, after Chinese regulators called for the removal of the ride-hailing service in app stores in the country.
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Meanwhile, U.S. crude oil prices retreated after briefly reaching their highest level since November 2014, after a breakdown in OPEC talks earlier this week yielded no agreement to add more output to the supply-constrained global energy markets. The sharp move lower after the rally came as some pundits speculated that some oil producers might begin to act alone to increase output. Others, however, were more skeptical.
"This has been a long-time coming. [There's been] a lot of destruction in the energy patch here in the United States for the past three, four years. The pandemic kind of finished the job for most U.S. producers. OPEC really was in the driver's seat for most of this year," Dan Dicker, the Energy Word Founder, told Yahoo Finance. "With this country coming out of the pandemic so strongly and the rest of Europe and the rest of the world still to come out of the pandemic leads many traders to believe — and me to believe — we’re not done with the rally in crude oil."
For equity investors, focus has centered on both the path forward for monetary policy – which has underpinned stocks' record rebound during the pandemic – and the pace of growth in corporate earnings. The Fed's June meeting minutes set for release Wednesday afternoon will help elucidate the central bank's thinking around when to tighten their currently ultra-accommodative monetary policies, from their crisis-era asset purchase program to near-zero benchmark interest rates. And next week, second-quarter corporate earnings results will kick off in earnest, showing the extent of the boost companies received following a major U.S. vaccination campaign and widespread reopenings.