Traders on the NYSE, May 20, 2022.
Stock futures rose in in a single day buying and selling Sunday after the Dow Jones Industrial Average 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. While 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% greater 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 present sits 19% off its report excessive whereas the Dow is down 15.4%. The Nasdaq is already deep in bear market territory, down 30% from its excessive.
Last week marked the Dow’s first eight-week shedding streak since 1923, whereas the S&P 500 capped a seven-week shedding 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 stage since November 2020 on Friday.
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. Energy completed the week on prime, rising 1.09%. Consumer discretionary and communication companies additionally completed the week greater than 32% off their 52-week highs.
“Investors are trying to come to grips with what exactly is happening and always try to guess what the outcome is,” mentioned Susan Schmidt of Aviva Investors. “Investors hate, and the markets hate uncertainty, and this is a period where they don’t have any clear indication on what’s going to happen with this push-pull between inflation and the economy.”
Investors are waiting for a brand new batch of earnings this week, together with an array of massive retail names. Zoom Video is ready to report outcomes Monday adopted by Costco, Nvidia, Dollar General, Nordstrom and Macy’s later within the week.