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Business

Stock futures turn mildly positive after Dow, S&P 500 cap worst month since March 2020




Traders on the floor of the NYSE, September 7, 2022.

Source: NYSE

Stock futures rose slightly in overnight trade on Sunday after Wall Street ended another negative quarter and both the S&P 500 and Dow Jones Industrial Average ended their worst month since March 2020.

Futures tied to the Dow Jones Industrial Average gained 1[ads1]00 points, or 0.35%, while the S&P 500 gained 0.22%. Nasdaq 100 futures traded flat.

Friday ended a negative month and quarter for all the major averages, with the Dow falling 500.10 points, or 1.71%, to close below 29,000 for the first time since November 2020.

For the quarter, the Dow fell 6.66% to post a three-quarter losing streak for the first time since the third quarter of 2015. Both the S&P and Nasdaq Composite fell 5.28% and 4.11%, respectively, to end their third consecutive negative quarter. for the first time since 2009.

The Dow fell 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5%, respectively. All the major averages also recorded their sixth negative week in seven.

Heading into the new quarter, all S&P 500 sectors are sitting at least 10% off their 52-week highs. Nine sectors ended the quarter in negative territory. Consumer discretionary was the best performer, gaining more than 4.1%.

In the fourth quarter, increased inflation and a Federal Reserve intent on stopping rising prices, regardless of what that means for the economy, will likely continue to weigh on markets, Truist’s Keith Lerner said. However, oversold conditions also make the market vulnerable to a sharp short-term rebound on good news, he added.

“I think we may be prepared for some kind of reprieve, but the underlying trend at this point is still a downtrend and choppy waters will continue,” Lerner said.

On the economic front, Markit PMI and ISM manufacturing data are due for release on Monday along with construction spending.



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