U.S. stock futures fell on Thursday, following the worst S&P 500 crash in nearly two years.
What is happening
Dow Jones Industrial Average YM00 futures
fell 349 points, or 1.1% to 31,091.
Futures of the S&P 500 ES00,
it fell 48.75 points, or 1.2%, to 3,874.
Futures on the Nasdaq 100 NQ00,
decreased 170.75 points, or 1.4% to 11,765.
On Wednesday, the Dow Jones Industrial Average DJIA,
fell 1165 points, or 3.57%, to 31490, the S&P 500 SPX,
decreased 165 points, or 4.04%, to 3924, and the Nasdaq Composite COMP,
it dropped 566 points, or 4.73%, to 11,418.
The fall of the S&P 500 on Wednesday was the highest since June 11, 2020. The intraday low for the year of 3,858.87 is in danger of being tested.
What is driving the markets
lost gains, one day after rival Walmart WMT,
they also lost expectations, they have clearly baffled investors who have already shaken the Federal Reserve’s interest rate hike campaign.
“The relief rally trap arose when the S&P 500 4000 pins were broken after Target’s earnings results exacerbated some fears of recession that continued with the issue of rising inventories detailed by Walmart on Tuesday “And the wide range of absolutely hammered technology,” said Stephen Innes, managing partner of SPI Asset Management.
Analysts noted that Target’s results showed that consumers were moving away from products to stay at home such as furniture and televisions. Shares of the airline were also caught on Wednesday’s slide, but the US Global Jets ETF JETS,
this year it has surpassed the market, a sign of the increase in demand for services.
The retail sales report released this week showed that spending on bars and restaurants was up nearly 20% from a year earlier, or more than double the overall retail spending rate.
Thursday’s economic data list includes the latest weekly unemployment claims report, as well as the Philadelphia Fed’s manufacturing report, existing home sales and key indicators.