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Stock futures rise after S&P 500, Dow closes at lowest levels since 2020




This is more and more a stock picker's market, says Kayne Anderson Rudnik's Julie Biel

Stock futures were higher on Monday night after the market started the week by continuing its dramatic September decline.

S&P 500 futures rose 0.77% and Nasdaq 100 futures rose 0.89%. Those tied to the Dow Jones Industrial Average advanced 208 points, or about 0.71%.

The move in futures comes after five straight days of losses for stocks, with the S&P 500 closing Monday at its lowest level in 2022. The Dow fell more than 300 points on Monday, putting it in a bear market after falling more than 20% below record high.

Technical indicators show that sales have been historic. According to Bespoke Investment Group, the 10-day advance decline for the S&P 500 has hit a record low, meaning market breadth is at its worst level in at least 32 years.

The latest round of selling appears to have several catalysts, including an aggressive Federal Reserve and high interest rates, which in turn have weakened currency markets. On Monday, the British pound fell to a record low against the dollar, unnerving investors on both sides of the Atlantic.

“Normally, American investors wouldn’t care too much about something like this, and especially lately. And so this says to me that now there’s this fear gripping investors much more than it did before. That in turn will lead to a moment of capitulation where we are really at rock bottom,” said Max Gokhman, CIO of AlphaTrai.

On Tuesday, investors will get more new economic data, including consumer confidence in September, durable goods orders in August and home prices in July. Wall Street has grown increasingly concerned that the Fed’s six-month inflation battle will push the economy into recession.



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