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US stock futures remain volatile on Monday. Wall Street is trying to recover from a turbulent February, while investors continue to assess the impact of Donald Trump's tariff policies, which could put additional pressure on the stock market. Ahead is the release of non-farm payroll (NFP) data, which may increase market turbulence.
Key levels for S&P 500 and Nasdaq 100
The S&P 500 is attempting to hold above 5,950, a short-term support level. If the index breaks below this level, the next significant mark is around 5,900, where the 50-day moving average is located. On the upside, a break above 6,000—a key psychological barrier—could drive further growth.
The Nasdaq 100 is trading near 20,975, remaining in a resistance zone. If the index fails to stay above 21,000, a pullback to 20,500 is possible, which corresponds to the 38.2% Fibonacci retracement level. In case of further growth, the next target for bulls would be 21,250, aligning with the previous local high.
February sell-off: Investors lock in profits
Last month was challenging for the markets:
The Dow Jones lost 1.58%.
The S&P 500 declined 1.42%.
The Nasdaq 100 dropped 3.97%.
Investor concerns are mainly driven by Trump's tariff policies and potential economic slowdown. The US Secretary of Commerce stated that tariffs on Canada and Mexico could be eased, but the 10% tariff on Chinese goods remains unchanged, raising the risk of further trade conflicts.
Last week's key events: Nvidia, Tesla, and Hims & Hers Health
Nvidia shares plunged more than 8% despite strong quarterly results. The main reason is concerns about margin compression due to the company prioritizing Blackwell chip shipments. Analysts at Benchmark note that Nvidia is now focusing on production volume, which could impact profitability.
Tesla shares continue to decline amid weak January sales in the UK and Europe. The rise of Chinese EV manufacturers and strategic missteps are adding to concerns. Guggenheim analysts remain bearish about Tesla, believing its attempt to launch FSD in China may face strict regulatory hurdles.
Hims & Hers Health stock began to decline after a strong rally last week. The company missed earnings-per-share expectations, and Bank of America reaffirmed its "underperform" rating with a $21 target price. Investors now question the company's ability to sustain revenue growth.
Key market events to take place soon
Investors are awaiting NFP data, which will provide insight into the state of the US economy. A rise in unemployment or weak job numbers could fuel recession fears. In the coming days, markets will closely monitor Federal Reserve comments and reactions to Trump's tariff decisions.
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