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A trader works as American flags are displayed on the floor of the New York Stock Exchange (NYSE) in New York
Michael Nagle | Bloomberg | Getty Images
Stock futures were near flat Tuesday as Wall Street digested a recent rally that led the S&P 500 to its highest level in nine months.
Futures tied to the Dow Jones Industrial Average slid 35 points, or about 0.1%. S&P 500 and Nasdaq-100 futures also each traded 0.1% lower.
The market is coming off a down session, with the S&P 500 falling 0.2% after touching its highest level since August. The Dow and Nasdaq Composite also fell.
Apple contributed to the leg down, as the iPhone maker briefly touched all-time highs earlier in the session only to end about 0.8% lower. The Big Tech company — which swung between a 2.2% gain and a 1.6% loss Monday — debuted its highly anticipated virtual reality headset as well as new software at its annual Worldwide Developer Conference on Monday. Shares were down 0.4% after hours.
Apple’s conference also weighed on other tech names, with Intel dropping more than 4% after Apple unveiled a new chip.
“If you’re a $3-trillion company, the tail kind of wags the dog to an extent,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “Apple, just given the sheer magnitude of its market cap, is going to have its way with most broader indices.”
Elsewhere, bank stocks slid following news that regulators are contemplating increasing capital requirements for large banks. Goldman Sachs and Bank of America each lost about 0.6% on Monday, while Morgan Stanley slipped around 0.7% and JPMorgan shares slid nearly 1%. The SPDR S&P Bank ETF dropped about 2.2%.
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