free counter

Stock futures rise slightly after second-straight negative session

Stock futures ticked higher on Monday evening as Wall Street sought stability after another down day for stocks.

Futures for the S&P 500 inched upward by 0.1%, while Nasdaq 100 futures also added 0.1%. Futures for the Dow Jones Industrial Average gained 43 points, or 0.1%.

The moves in futures followed a second-straight decline for the major averages. The Dow lost 184 points, or 0.57%. The S&P 500 fell 0.67% and the Nasdaq Composite sank 1.02%.

The marketplace has returned a few of its summer gains after recent comments by Federal Reserve officials clarified that the central bank aims to keep its rate hikes, even though they cause economic pain.

“Investors are arriving at terms with the theory that the Fed is seriously interested in curbing inflation, even while recent data suggests inflation is beginning to decline,” said Rod von Lipsey, managing director at UBS Private Wealth Management.

“We believe the market’s summer rally was ephemeral and continue steadily to advise that investors remain selective and concentrate on defensive stock sectors like healthcare and dividend-paying stocks,” von Lipsey added.

On Tuesday, investors are certain to get several updates on hawaii of the economy, like the FHFA home price index for June, the Conference Board’s consumer confidence survey for August, and the Bureau of Labor Statistics’ job openings release for July.

Market breadth improved on Monday

Despite the fact that Monday was another negative day for stocks, the moves beneath the surface showed a far more orderly market than on Friday.

Declining stocks on the brand new York STOCK MARKET outnumbered advancing names on a 2-to-1 basis.

That’s not an excellent results for bulls searching for a rebound, nonetheless it can be an improvement on the 6-to-1 ratio from Friday.

Jesse Pound, Christopher Hayes

Oil prices rebounding in late August

After falling for a lot of July and August, the cost of oil is needs to become popular again.

Oil prices settled up a lot more than 4% on Monday, and futures for U.S. benchmark West Texas Intermediate crude is currently trading above $96 per barrel again.

The volatility in oil prices reflects uncertainty about supply, with the Russia invasion of Ukraine ongoing and OPEC+ considering output cuts, and demand, with growing concerns in regards to a global recession.

Lower oil prices were also a significant reason behind cooler inflation readings for the U.S. in recent weeks.

Jesse Pound

Summer gains slip away

Monday’s market decline deepened the major averages’ losses for August.

With just two sessions to go in August, here’s where in fact the averages are a symbol of the month and in accordance with key levels.

The Dow is:

  • down 2.27% for the month
  • 7.39% above its June low

The S&P 500 is:

  • down 2.41% for the month
  • 9.92% above its June low

The Nasdaq Composite is:

  • down 3.01% for the month
  • 12.88% above its June low

Jesse Pound

Read More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker