• Nasdaq futures decline sharply ahead of the opening bell on Tuesday.
• Fed Chairman will testify on the semi-annual Monetary Policy Report this week.
• Factory Orders and ISM Services PMI data will be released later in the day.

S&P 500 futures fall 0.36%, Dow Jones futures drop 0.15%, and Nasdaq futures lose 0.74%.

S&P 500 (SPX), Dow Jones (DJIA), and Nasdaq (IXIC) indexes closed on Monday with a 0.12% loss, a 0.25% drop, and a 0.41% fall, respectively.

What to know before stock market opens

The Utilities Sector gained 1.65% on Monday, beating out the Real Estate Sector, which climbed 1.07% on the day. The Communications Services Sector declined 1.51% as the biggest-losing sector on Monday, followed closely by the Consumer Discretionary Sector, closing 1.27% lower.

Hewlett Packard Enterprise Co. (HPE) climbed 10.22% to kick off the new trading week, ending Monday at $17.15 per share. Tesla Inc. (TSLA) was the biggest decliner on the first trading day of the week, shedding 7.16% and wrapping up at $188.14 at the closing bell.

Assessing the latest developments in equity markets, “the quiet start to the week for US equities did see the Magnificent 7 (-0.85%) under-perform, with slightly more moderate losses for the NASDAQ (-0.41%),” said Jim Reid, global head of economics and thematic research at Deutsche Bank, and continued:

“There were contrasting moves within the Magnificent 7, with Tesla down -7.16% amid new price cuts and discounts by EV maker, while Nvidia ( 3.60%) overtook Saudi Aramco to become the third largest company in the world by market cap. On the other hand, the equal-weighted version of the S&P 500 was up 0.24% on the day, as utilities ( 1.65%) and banks ( 1.58%) outperformed. Back in Europe, the STOXX 600 (-0.03%) was flat on the day, but there was a noticeable underperformance from the FTSE 100 (-0.55%).”