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Business

Stock futures fall after major averages record two days of losses




Morgan Stanley's Chris Toomey warns that earnings next year will be poor

Stock futures are down as investors emerged from a troubled day of rising bond yields and comprehensive corporate earnings.

Futures for the Nasdaq 100 fell 0.7%, while futures tied to the Dow Jones Industrial Average lost 52 points, or 0.17%. S&P 500 futures fell 0.35 percent.

Indexes saw a second straight day of slides in regular trading, with the Dow losing 90.22 points, or 0.3%. The S&P 500 and Nasdaq Composite were down 0.8% and 0.6% respectively.

It was a day that started on better footing for the Dow, which reached nearly 400 points at session highs, but rising government interest rates cut cold water on stocks. The 10-year Treasury yield peaked at 4.239% – a level not seen since 2008.

But even with today’s losses factored in, the major averages are still up more than 2% for the week — driven by rallies on Monday and Tuesday — and are on pace for their best week since early September.

The company’s earnings were a mixed bag. AT&T and IBM were among the stocks that jumped after beating estimates. But Snap and Robert Half were among those that fell after those companies posted results that missed expectations.

Thursday’s trading fits a broader picture of jittery investors making decisions based on the day’s news, said Jamie Cox, managing partner of Harris Financial Group. He said investors are increasingly moving into short-term strategies as they see the Federal Reserve creating a volatile market as it tries to bring down inflation through rate hikes.

“The markets are increasingly seeing signs that the inflation data is moving in such a way that the Fed can reduce the pace of interest rates, and are basically ignoring speakers and governors, basically ignoring everything the Fed says,” Cox said.

“It lends itself to very, very choppy trading because people are trigger happy and just waiting for the signal that the break is coming,” he said. “It’s a bad way to trade and it creates a lot of volatility.”

Investors will look for pre-bell earnings from Verizon as the corporate reporting season continues.



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