Wall Street Set to Recede from Record Levels

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

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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Today's Markets

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.

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

In corporate news, General Motors (NYSE:GM) is set to hold its annual shareholders meeting. Facebook (NASDAQ: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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