Inventory futures rise after Dow falls for Eighth-straight week in relentless sell-off

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Merchants on the NYSE, Might 20, 2022.

Supply: NYSE

Inventory futures rose in in a single day buying and selling Sunday after the Dow Jones Industrial Common fell for its Eighth straight week amid a broader market sell-off.

Futures on the Dow industrial common gained 224 factors, or 0.72%. S&P 500 futures added 0.9% and Nasdaq 100 futures rose 1.11%.

The strikes got here after the S&P 500 on Friday dipped into bear market territory on an intraday foundation. Whereas the benchmark was down 20% at one level, it didn’t shut in a bear market after a late-day comeback.

In Friday’s common buying and selling session, the S&P 500 closed 0.01% larger at 3,901.36 after falling as a lot as 2.3% earlier within the session. The Dow added 8.77 factors at 31,261.90 after sinking as a lot as 600 factors and the Nasdaq inched 0.3% decrease.

The S&P 500 at the moment sits 19% off its document excessive whereas the Dow is down 15.4%. The Nasdaq is already deep in bear market territory, down 30% from its excessive.

Final week marked the Dow’s first eight-week dropping streak since 1923, whereas the S&P 500 capped a seven-week dropping streak, its worst since 2001.

The Nasdaq noticed its seventh damaging week in a row for the primary time since March 2001. The tech-heavy index additionally noticed its lowest intraday degree since November 2020 on Friday.

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Eight of 11 sectors ended the week within the crimson, led by client staples, which dipped 8.63% and had its worst weekly efficiency since March 2020. Vitality completed the week on high, rising 1.09%. Shopper discretionary and communication providers additionally completed the week greater than 32% off their 52-week highs.

“Traders are attempting to come back to grips with what precisely is occurring and all the time attempt to guess what the result is,” mentioned Susan Schmidt of Aviva Traders. “Traders hate, and the markets hate uncertainty, and it is a interval the place they haven’t any clear indication on what is going on to occur with this push-pull between inflation and the economic system.”

Traders are looking forward to a brand new batch of earnings this week, together with an array of huge retail names. Zoom Video is ready to report outcomes Monday adopted by Costco, Nvidia, Greenback Basic, Nordstrom and Macy’s later within the week.

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