May 21, 2024

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Stock futures rose after the Dow Jones fell for an eighth consecutive week in relentless selling

Stock futures rose after the Dow Jones fell for an eighth consecutive week in relentless selling

Traders at the New York Stock Exchange, May 20, 2022.

Source: NYSE

Stock futures rose in overnight trading on Sunday after the Dow Jones Industrial Average fell for an eighth consecutive week amid a broad market sell-off.

Futures on the Dow Jones Industrial Average gained 150 points, or 0.5%. S&P 500 futures rose 0.6% and Nasdaq 100 futures rose 0.6%.

came the moves After the S&P 500 fell on Friday into bear market territory On a daily basis. While the benchmark index fell 20% at one point, it did not close out in a bear market after a comeback late in the day.

In the normal trading session on Friday, the Standard & Poor’s 500 It closed up 0.01% at 3901.36 after falling as much as 2.3% earlier in the session. The daw He added 8.77 points at 31261.90 after sinking as much as 600 points and Nasdaq down 0.3%.

The S&P 500 is currently sitting off its record high of 19% while the Dow is down 15.4%. The Nasdaq is already deep in bear market territory, down 30% from its high.

Last week saw its first eight-week losing streak since 1923, while the S&P 500 capped a seven-week losing streak, the worst since 2001.

The Nasdaq marked its seventh consecutive negative week for the first time since March 2001. The tech-heavy index also saw its lowest intraday level since November 2020 on Friday.

Eight of the 11 sectors ended the week in the red, led by consumer goods, which fell 8.63% and recorded the worst weekly performance since March 2020. Energy ended the week on top, up 1.09%. Telecom services and consumer appreciation also finished the week more than 32% off their 52-week highs.

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“Investors try to understand exactly what is going on and always try to guess the outcome,” said Susan Schmidt of Aviva Investors. “Investors hate, markets hate uncertainty, and this is a period when they have no clear indication of what will happen with this rush between inflation and the economy.”

Investors are looking forward to a A new batch of earnings this week, including a large batch of retail sales Names. Zoom Video is set to announce results on Monday, followed by Costco, Nvidia, Dollar General, Nordstrom and Macy’s later in the week.