After heavy losses on Friday, Wall Street is ready for more declines as stock index futures fell on Sunday night.
Dow Jones Industrial Average futures YM00,
was down about 160 points at midnight Eastern – an improvement from a loss of more than 200 points earlier in the session – while the S&P 500 futures ES00,
and Nasdaq-100 futures NQ00,
was also down, but improved from the lowest level of the session.
Wall Street prepares for a busy revenue week, with quarterly reports from Apple Inc. AAPL,
Facebook parent Meta Platforms Inc. FB,
Google parent Alphabet Inc. GOOGL,
Amazon.com Inc. AMZN,
and Microsoft Corp. MSFT,
among others. Investors will also keep an eye on Twitter Inc. TWTR,
which reports earnings Thursday and Sunday was reported to reconsider Elon Musk’s takeover bid.
On Friday, Dow DJIA,
lost about 981 points, or 2.8%, marking the worst daily percentage drop since October 28, 2020, according to data from the Dow Jones Market. The S&P 500 Index SPX,
fell 2.8% and the Nasdaq Composite Index COMP,
For the week, the Dow was down 1.9%, the S&P 500 fell 2.8% and the Nasdaq fell 3.8%, according to FactSet.
Fed Chairman Jerome Powell raised concerns for nervous investors on Thursday by signaling support for a larger 50 basis point rate hike at the Fed’s May meeting.