Dow Futures Extend Declines After Powell Reiterates Hawkish Stance
2022.08.29 02:17
By Oliver Gray
Investing.com – U.S. stock futures were trading lower during Sunday’s evening deals, after major benchmark indices retreated on Friday following Fed Chair Powell’s comments at the Jackson Hole Symposium, signaling a willingness to hike interest rates even if it causes economic pain.
By 7:00pm ET (11:00pm GMT) Dow Jones Futures were down 0.6%, S&P 500 Futures fell 0.8% and Nasdaq 100 Futures fell 1%.
Ahead in the week, market participants will be monitoring more speeches from Federal Reserve officials, as well as ADP Employment Change, JOLTs Job Openings and ISM manufacturing PMI data. Key Nonfarm Payrolls data will also be closely watched, with the economy expected to add 285k positions and unemployment to hold at 5%.
During Friday’s regular trade, the Dow Jones Industrial Average fell 1,008 points or 3% to 32,283.4, the S&P 500 shed 141.5 points or 3.4% to 4,057.7 and the NASDAQ Composite fell 3.9% to 12,141.7.
On the bond markets, United States 10-Year rates were at 3.043%.
