Stock futures are falling as Wall Street appears to be stabilizing after the roller coaster
Traders on the floor of the NYSE, May 6, 2022.
Source: NYSE
Stock futures fell Sunday night as traders looked for the market to gain a foothold after a dramatic week of trading.
Futures related to the Dow Jones Industrial Average fell 167 points, or 0.5%. S&P 500 futures fell 0.6%, while those for the Nasdaq 1[ads1]00 lost 0.6%.
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 loss week for the Dow, and the fifth in a row for the other two major indices.
While the cumulative movements for the week were not out of the ordinary, some of the daily fluctuations were noticeable. Dow had its best day since 2020 on Wednesday, but then deleted all those wins and more on Thursday.
The short-lived rally on Wednesday came after the central bank’s chairman Jerome Powell said that the central bank did not consider an interest rate increase of 75 basis points at upcoming meetings. Shares and bonds rose after that comment, but turned the price on Thursday.
Billionaire hedge fund manager David Tepper told CNBC’s Scott Wapner on Friday that Powell’s statement was a “forced mistake” that contributed to market volatility.
The earnings season for the first quarter is declining, but there are several notable reports before the opening on Monday, including Palantir and the vaccine manufacturers BioNTech and Novovax.
In other corporate news, Ford was looking to sell 8 million shares in Rivian Automotive over the weekend, sources told CNBC’s David Faber.
Investors will also keep an eye on 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 announced that they would increase short-term economic support for Ukraine as the war with Russia approaches the three-month limit.
