Dow Futures Retreat as Relief Rally Fades
2022.08.22 02:46
Dow Futures Retreat as Relief Rally Fades
U.S. stock futures fell during Sunday’s evening deals, after major benchmark averages finished the week lower amid renewed rate hike fears from Fed policymakers ahead of the Jackson Hole Symposium later this week.
By 7:20pm ET (11:20pm GMT) Dow Jones Futures and S&P 500 Futures fell 0.3% while Nasdaq 100 Futures dipped 0.4%.
Ahead in the week, investors will be focusing on Federal Reserve Chair Jerome Powell’s key speech at the Fed’s annual economic symposium held at Jackson Hole, with Powell expected to confirm that a dovish pivot is unlikely until inflation returns to its 2% target.
Meantime, personal income, spending and consumption expenditures as well as preliminary Services and Manufacturing PMI releases for August.
On the earnings front, market participants will be monitoring results from Palo Alto Networks Inc (NASDAQ:PANW) and Zoom Video Communications Inc (NASDAQ:ZM) later in Monday’s session.
During Friday’s session, The Dow Jones Industrial Average dropped 292 points, or 0.86%, the S&P 500 closed down 1.29% and the NASDAQ Composite dropped 2.01%. For the week, the Dow finished unchanged, the S&P 500 fell 1% and the Nasdaq Composite lost 2.3%.
On the bond markets, United States 10-Year rates were at 2.976%.
