Dow Futures Extend Losses After Worst Week Since January
2022.06.13 02:11
By Oliver Gray
Investing.com – U.S. stock futures were trading lower during Sunday’s evening deals, after major benchmark indices declined on Friday to post their biggest weekly declines in 5 months as a hotter-than-expected inflation print rattled risk sentiment.
By 6:45pm ET (10:40pm GMT) Dow Jones Futures fell 0.5%, S&P 500 Futures lost 1% and Nasdaq 100 Futures were down 1.4%.
Ahead in the week, market participants will be closely monitoring fresh retail sales data as well as the U.S. Federal Reserve interest rate decision, with policymakers expected to announce at least a half-point rate hike in an effort to stave off surging inflation pressures.
During Friday’s regular session, the Dow Jones Industrial Average fell 880 points or 2.7% to 31,392.8, the S&P 500 lost 117 points or 2.9% to 3,900.8 and the NASDAQ Composite retreated 414.2 points or 3.5% to 11,340.
Investors retreated across the board as the annual inflation rate in the U.S. unexpectedly accelerated to 8.6% in May of 2022, the highest since December of 1981 and beating market forecasts of 8.3%, while core CPI, which strips out food and energy prices also came in above estimates at 6%. At the same time, the Michigan consumer sentiment dropped to a record low of 50.2 in June, strengthening fears of a looming recession.
On the bond markets, United States 10-Year rates were at fresh 4-year highs of 3.159%.
