Dow Futures Up After 8 Weeks of Decline
2022.05.23 05:37
By Oliver Gray
Investing.com – U.S. stock futures moved higher in Sunday’s evening deals after major benchmark indices finished the week lower amid a broad market sell-off as stubbornly high inflation and tightening central bank policies soured risk appetite.
By 6:45pm ET (10:45pm GMT) Dow Jones Futures were up 0.5%, S&P 500 Futures gained 0.6% and Nasdaq 100 Futures were up 0.7%.
Investors are looking toward major retail companies as corporate earnings continue this week. Reporting companies include Costco Wholesale Corp (NASDAQ:COST), Macy’s Inc (NYSE:M), Nordstrom Inc (NYSE:JWN), Best Buy Co Inc (NYSE:BBY), Zoom Video Communications Inc (NASDAQ:ZM) and NVIDIA Corporation (NASDAQ:NVDA).
On the data front, personal income and spending is likely point to a slowdown in both household consumption and PCE inflation while both manufacturing and services PMIs are expected to slow this month.
Meantime, investors will be hoping that Wednesday’s Fed minutes can offer insights about whether the central bank policymakers can curb the highest inflation in four decades without triggering a global recession.
Other important releases include fresh GDP estimate, corporate profits, Michigan consumer sentiment, Chicago Fed National Activity index, Richmond Fed Manufacturing Index, new and pending home sales as well as durable goods.
During Friday’s regular trading session, the Dow Jones Industrial Average added 8.77 points to 31,261.9, the S&P 500 finished little changed at 3,901.36 and the NASDAQ Composite inched 0.3% lower. For the week, the Dow fell 2.8% to close at 14-month lows, posting its first eight-week losing streak since 1923. The S&P 500 dipped 2.8%, posting the worst losing streak since 2001 and the Nasdaq dipped 3.2% to finish at the lowest levels since November 2020.
