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Stock futures fall as investors look to economic data, Fed spoke

Strategas' Chris Verrone surveys the markets

Equity futures traded lower on Thursday, building on losses from the previous session, as rates and recession fears dented market sentiment.

Futures tied to the Dow Jones Industrial Average fell 224 points, or 0.7%. S&P 500 futures and Nasdaq 100 futures fell 0.7% and 0.9%, respectively.

Wall Street is coming off a losing streak. The S&P 500 fell 1.56% on Wednesday for its worst day since Dec. 15. The Dow fell more than 613 points, or 1.81%. The tech-heavy Nasdaq Composite fell 1.24%, snapping seven days of gains. Bank stocks such as JPMorgan, Bank of America and Wells Fargo tumbled, weighing on the broader market.

Disappointing retail sales and a weaker-than-expected producer price index raised fears of a recession and sent shares lower.

On Thursday, investors will weigh more economic data that could provide further clues about how much the Fed may raise interest rates at its upcoming meeting. Initial jobless claims, housing starts and the Philadelphia Federal Reserve’s manufacturing survey will be released tomorrow. Several central bankers including Fed Deputy Chair Lael Brainard will also speak throughout the day about the way forward.

Investors have been analyzing the latest data and Fed comments for clues about how high interest rates will go. But while the latest numbers point to subdued inflation, JPMorgan Chase CEO Jamie Dimon believes interest rates will top 5%.

“I think there’s a lot of underlying inflation, which won’t go away very quickly,” Dimon told CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland.

Investors will also look to key quarterly reports to see if an earnings recession is on the way. Netflix, Procter & Gamble and Truist Financial are among the companies reporting earnings on Thursday.

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