Traders on the NYSE floor, May 6, 2022
Source: NYSE
Stock futures fell on Sunday night as traders searched the market to find support after a dramatic week of trading.
Dow Jones Industrial Average futures fell 124 points, or 0.4%. Futures on the S&P 500 fell 0.6%, while those on the Nasdaq 100 lost 0.7%.
Last week, the Nasdaq Composite lost 1.54%, while the S&P 500 and Dow fell 0.21% and 0.24%, respectively. It was the sixth consecutive losing week for the Dow and the fifth consecutive for the other two major indexes.
While the cumulative moves of the week were not uncommon, some of the daily fluctuations stood out. Dow had its best day of 2020 on Wednesday, but then erased all those gains on Thursday.
The short-lived rally on Wednesday came after Federal Reserve Chairman Jerome Powell said the central bank was not considering raising interest rates by 75 basis points in upcoming meetings. Shares and bonds rose after the comment, but reversed on Thursday.
Hedge fund manager billionaire David Tepper told CNN’s Scott Wapner on Friday that Powell’s statement was a “casual mistake” that contributed to market instability.
Profit season for the first quarter is slowing, but there are several notable reports ahead of Monday’s bell, including Palantir and vaccine makers BioNTech and Novovax.
In other corporate news, Ford wanted to sell 8 million shares in Rivian Automotive over the weekend, sources told David Faber of CNBC.
Investors will also monitor the war in Ukraine. US First Lady Jill Biden paid a surprise visit to the country on Sunday. The United States and the Group of Seven have announced they will increase short-term financial support for Ukraine as the war with Russia approaches the three-month mark.
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