Traders on the NYSE, April 14, 2022.
Source: NYSE
U.S. stock futures fell on Sunday night amid a four-week drop in the Dow Jones Industrial Average as investors weighed the possibility of a rate hike. Wall Street is also bracing for a week of piling up earnings, including reports from big tech companies like Amazon and Apple.
Dow Jones Industrial Average futures lost 36 points, or 0.1%. S&P 500 futures fell 0.2 percent and Nasdaq 100 futures fell 0.2 percent.
Those moves followed Friday’s sell-off, with the Dow falling 981.36 points, or 2.8%, to 33,811.40 in the Dow’s worst day since October 2020. The S&P 500 fell 2.8% to 4,271.78, or its worst day since March. The Nasdaq Composite fell 2.6% to 12,839.29.
All major averages closed lower last week, with the Dow falling 1.9% for the week, its fourth straight weekly decline. The S&P 500 and Nasdaq fell 2.8% and 3.8%, respectively, for the week, recording their third consecutive weekly decline.
“There have been severe losses in many sectors of the market, while money has rotated into ‘vehicles of protection’ such as Utilities, Staples, Pharma,” said Jonathan Krinsky, director of market engineering at BTIG. , and even large-cap growth. “Those areas, albeit with strong momentum, are currently falling, while the names with low momentum continue to trend down.”
Investors will follow Twitter, reportedly re-examining Elon Musk’s takeover bid after the billionaire investor revealed he had secured $46.5 billion in financing, according to for a Wall Street Journal report, citing unnamed sources.
Wall Street is also gearing up for its busiest week of the corporate earnings season. About 160 companies in the S&P 500 are expected to report earnings this week, and all eyes will be on reports from major tech companies, including Amazon, Apple, Google’s parent Alphabet, Meta Platforms and Microsoft.
Coca-Cola is expected to report before the alarm on Monday with a management call placed at 8:30 a.m. ET. Other companies reporting on Monday include Activision Blizzard, Otis, Whirlpool and Zions Bancorp.
Traders are also expecting a key measure of inflation this week. The Personal Consumption Spending Index is set to be released on Friday before the alarm goes off. In February, core PCE was up 5.4%.
