The markets struggled to sustain a comeback rally as stock futures fell on Monday.
The futures on the Industrial Average fell. The S&P 500 futures fell 0.69% and the Nasdaq 100 futures fell 1.33%.
After sharing strong guidance for the second quarter, Zoom Video shares popped 6% in extended trading, while Snap shares plummeted as the company said it was bracing to miss earnings and revenue targets in the current quarter and warned of a hiring slowdown.
The markets staged a rebound from last week's steep market sell-off, which saw the S&P 500 briefly fall into bear market territory, as well as the first eight-week losing streak since 1923.
After a week of steep losses, the stock market rebounded during Monday's regular trading session. The S&P 500 rose and the Nasdaq gained.
The moves left investors wondering if the bounce can hold or if it was just another minor relief rally as the relentless sell-off that has yet to reach a bottom.
This kind of environment where you have the whipsaw and ups and downs that are so big is a trading environment that is ripe for mistakes.
The gains in bank stocks were led by JPMorgan, which jumped 6.2% after the company said it will reach key targets earlier than expected with the help of rising rates. The clouder service provider is said to be in talks to be acquired by another company.
The broad-based market rally on Monday was led by financials. It was the sector's best day since March 9.
The National Center for American Indian Enterprise Development summit on Tuesday will feature a speech from Fed Chairman Powell. Best Buy is expected to report earnings.
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