May 18, 2022

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Stock futures drop as Wall Street looks to stabilize after a buoyant week

Stock futures drop as Wall Street looks to stabilize after a buoyant week

Traders on the floor of the New York Stock Exchange, May 6, 2022.

Source: NYSE

Stock futures fell Sunday evening as traders looked to the market to find a foothold after an exciting week of trading.

Futures related to the Dow Jones Industrial Average fell 218 points, or 0.7%. S&P 500 futures fell 0.8%, while Nasdaq 100 futures lost 0.8%.

last weekThe Nasdaq Composite lost 1.54%, while the S&P 500 and Dow were down 0.21% and 0.24%, respectively. This was the sixth consecutive week of losses for the Dow and the fifth in a row for the other two major indices.

While the week’s cumulative movements were not out of the ordinary, some of the daily fluctuations were striking. The Dow had its best day since 2020 on Wednesday, but erased all those gains and more on Thursday.

Wednesday’s short-lived rally came after Federal Reserve Chairman Jerome Powell said the central bank was not considering a 75 basis point rate hike in upcoming meetings. Stocks and bonds rose after the comment but reversed course on Thursday.

Billionaire hedge fund manager David Tepper told CNBC’s Scott Wapner on Friday that Powell’s statement was “non-forced errorThat contributed to market volatility.

The first-quarter earnings season is slowing, but there are several notable reports ahead of Monday’s opening bell, including Palantir and vaccine makers BioNTech and Novovax.

In other corporate news, Ford was looking to sell 8 million shares in Rivian Automotive over the weekendsources told CNBC correspondent David Faber.

Investors will also be watching war in ukraine. US First Lady Jill Biden made a surprise visit to the country on Sunday. The United States and the Group of Seven have announced that they will increase short-term financial support to Ukraine as the war with Russia approaches the three-month threshold.

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