Stock futures inched higher early morning Tuesday after stocks finished their worst day since June and Wall Street’s summer rally faded amid mounting rate hike concerns.
Futures tied to the Dow Jones Industrial Average added 25 points, or 0.08%, while S&P 500 and Nasdaq 100 futures slightly rose 0.05% and 0.12%, respectively.
Zoom slumped in extended trading after lowering its full-year forecast, while Palo Alto Networks surged after posting strong quarterly results.
During Monday’s regular trading session, the Dow slumped 643.13 points, or 1.91%, to 33,063.61, while the S&P tumbled 2.14% to 4,137.99, the worst day for both benchmarks since June 16. The Nasdaq Composite dropped 2.55% to 12,381.57 to finish its worst day since June 28.
Monday’s sell-off was broad-based, with all 11 S&P 500 sectors closing lower, led by declines in information technology and consumer discretionary stocks. A slide in tech stocks weighed down the tech-heavy Nasdaq.
“The global growth story is in shambles right now,” said Ed Moya, a senior market analyst at Oanda. “That’s what’s really kind of weighing on risk appetite right now because you can’t have the U.S. continue to be attractive while the rest of the world is crumbling.”
This sentiment will continue to put pressure on big tech and consumer discretionary stocks, he said. Moya, echoing other investors, expects another round of hawkish pushback from Fed chair Jerome Powell when he speaks Friday at the central bank’s annual Jackson Hole economic symposium.
Earnings season continues Tuesday with results from Macy’s, Nordstrom and Dick’s Sporting Goods. July new home sales will also be reported, along with August manufacturing PMI and the August Richmond Fed survey.
Read More:Stock futures inch higher after major averages notch worst day since June
2022-08-23 04:58:00
