US stock futures are taking a pause on Tuesday morning after the best streak of gains since last October.
In pre-market trading, Dow futures fell as many as 120 points before recovering some losses. Near 7:32 a.m. ET, they were down 52 points, with S&P 500 futures down 7 points and Nasdaq futures 53 points lower.
Stocks rallied for a fifth day on Monday amid a sell-off in tech.
The Japanese yen gained against the dollar and the euro, as US treasurys rallied alongside gold in apparent risk-off trades.
Going back to Japan, its long-term government bond yields fell to new lows, as investors became more worried about the continuing decline of the economy.
The benchmark 10-year yield already fell negative in February, and dropped to as low as -0.096%.
There’s little US economic data this week. Overnight, China’s February trade data came in worse than economists had expected.
Earlier this morning, the NFIB’s Small Business Optimism index fell to a two-year low of 92.9 in February, missing forecasts. The excess of firms planning to increase wages over those planning to cut them shrank three points to a net 12%.
There’s no other major US economic data on tap in the morning, with the next release being the American Petroleum Institute’s weekly count of crude oil inventories after the closing bell.
The next major event is Thursday’s press conference from the European Central Bank.
In earnings, Shake Shack reported strong same-store sales growth in the fourth quarter and profits that topped forecasts, but its guidance for 2016 sales was weak. Its shares fell by as much as 9% pre-market.
Urban Outfitters soared 10% after reporting a fourth-quarter beat on earnings and better holiday-season margins.