Stock futures are lower as market exits rollercoaster week
Traders on the floor of the New York Stock Exchange.
Stock futures are lower Sunday night as the markets come out of a tumultuous week that started with a relief rally but saw losses in the latter half.
Futures connected to the Dow Jones Industrial Average slid 0.6% to 29,171 points. S&P 500 dropped 0.8% to 3,622.5 points, while Nasdaq 100 futures slipped 0.9% to 10,997.5 points.
Market participants felt whiplash last week. The first half brought a relief rally that pushed the S&P 500 up more than 5% in its largest two-day gain since 2020.
But jobs data that economists say will keep the Federal Reserve on a path to continue raising interest rates and OPEC+’s decision to slash oil supply rattled investors, diluting wins later in the week. When day trading ended Friday, the S&P was up 1.5% compared to where it started the week. The Dow and Nasdaq were up 1.5% and 0.7%, respectively.
Still, the Dow, S&P 500 and Nasdaq had the first positive week in the last four. All remain down substantially so far in 2022, however, and the Nasdaq is less than 1% away from its 52-week low.
Meanwhile, the 2-year Treasury yield rose 6 basis points, closing at 4.316%. One basis point is equivalent to 0.01%.
“The direction of the stock market is likely to be lower because either the economy and corporate profits are going to slow meaningfully or the Fed is going to have to raise rates even higher and keep them higher for longer,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, on Friday.
“Given the conditions that we are operating under, we believe it’s prudent to begin preparing for a recession,” he added. “The talk of a shallow recession that is now the narrative-du-jour strikes us as eerily similar to the ‘inflation is transitory’ narrative of last year.”
Last week brought heightened concerns that corporate earnings will show the ugly side of a surging dollar as Levi Strauss became the latest to cut guidance due to sliding international sales.
Market observers generally consider the week ahead the kickoff to earnings season, with four of the world’s largest banks – JPMorgan, Wells Fargo, Morgan Stanley and Citi – reporting Friday. PepsiCo, Delta and Domino’s are also among companies reporting next week.
My Mom Was Murdered in the Sandy Hook School Shooting. Now I Have to Crowdfund for My Health Care.
Fans hail Pickford’s water bottle for keeping Everton in the Premier League
Bitcoin Price Prediction: BTC Back at $28,450; What’s Next – Further Rise or a Possible Bearish Pullback Today? Now
Lufthansa Group reaches agreement on the acquisition of 41 per cent stake in ITA Airways
Florida National Guard troops ‘proud to help’ fight Texas border crisis, DeSantis says
Earth Will Receive an ‘Alien’ Transmission From Mars This Week
This Queer Running Society Wants to Make the Sport More Inclusive
What’s Up With Mouth Taping as a Sleep Hack?
Maria Sharapova Shares the Workouts That Help Her Feel Energized as a New Mom
American women’s secret war in Afghanistan
Billionaire Brothers’ Far East Sees Robust Sales At Singapore Housing Project Despite Property Curbs
How Erdogan held on to power
Parsing China’s ambiguous Ukraine war mediation
Jimmy Page’s Secret Job on Led Zeppelin’s Early Albums
Russia struggling to keep its SE Asia arms markets
News5 hours ago
GOP Senate Candidates Who Want You to Forget About Their Past Trump Criticism
Politics22 hours ago
Biden circle seeks to boost Harris ahead of 2024
Sport21 hours ago
Mikayla Demaiter embraces no bra club as she wows fans in hotpants
News20 hours ago
Tragedy as girl, 4, is killed in house fire over Bank Holiday weekend
News20 hours ago
Considering Amazon Kids+? Here Are Some Tips and Tricks
Finance15 hours ago
Beijing Unveils ‘Web3 White Paper’ to Foster Innovation and Advancing the Industry
Finance16 hours ago
Scotland’s Latest Attempt To Kill Its Own Economy
Finance16 hours ago
XRP to Exceed All Expectations In 2023? Latest New Value Report Boosts Altcoin Forecast 100x