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Wall Street Set to Recede from Record Levels

By Markets FOXBusiness

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U.S. stock-index futures slumped on Monday despite upbeat data on small business sentiment, suggesting the Dow could fall from record highs.

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As of 8:05 a.m. ET, Dow Jones Industrial Average futures fell 25 points, or 0.15%, to 16911, S&P 500 futures dipped 4.5 points, or 0.23%, to 1946 and Nasdaq 100 futures slipped 5.8 points, or 0.15%, to 3788.

The markets kicked off the week with mild gains, which were enough to drive the Dow and broader S&P 500 to fresh highs. Volume has remained light, leading some analysts to question the conviction in the move. 

Activity remained quite light on Tuesday. A gauge of small business sentiment from the National Federation of Independent Business climbed to its highest level since September 2007 in May. Small businesses, which are a major U.S. employer, are also growing less worried about revenues on aggregate. 

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There is also a report on wholesale sales due later, which could figure into investment banks' economic forecasts. 

In corporate news, General Motors (GM) is set to hold its annual shareholders meeting. Facebook (FB) snagged PayPal president David Marcus to lead its mobile messaging efforts.

Elsewhere, U.S. crude oil futures rose 33 points, or 0.31%, to $104.73 a barrel. Wholesale New York Harbor gasoline advanced 0.21% to $2.991 a gallon. Gold climbed $1.10, or 0.1%, to $1,255 a troy ounce. 

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