Dow Futures Tick Higher After Losing Week
2022.05.16 01:51
By Oliver Gray
Investing.com – U.S. stock futures were trading higher Sunday evening after major benchmark averages posted losses last week on fears that policy tightening by the Federal Reserve could tilt the economy into recession.
By 6:30pm ET (10:30pm GMT) Dow Jones Futures were up 0.3%, S&P 500 Futures gained 0.4% and Nasdaq 100 Futures lifted 0.7%.
Ahead in the week, market participants will be focussed on corporate earnings reports from major retailers including Walmart Inc (NYSE:WMT), Target Corporation (NYSE:TGT) and Home Depot Inc (NYSE:HD). Elsewhere, Deere & Company (NYSE:DE) is also on deck, along with a handful of technology companies.
Investors will also have their eye on retail sales data this week which is expected to a show pickup in consumer spending in April, while fresh industrial production data, the NY Empire State Manufacturing Index and the Philadelphia Fed Manufacturing Index are expected to point to a slowdown in the industrial sector. Data for housing starts, building permits, existing home sales and the NAHB Housing Market Index is also due throughout the week.
On Friday, the Dow Jones Industrial Average added 466.4 points or 1.5% to 32,196.7, the S&P 500 gained 93.8 points or 2.4% to 4,023.9 and the NASDAQ Composite gained 434 points or 3.8% to 11,805. For the week, all three averages posted significant declines, down 1.5%, 1.4% and 1% respectively.
Among stocks, mega-cap tech companies led the rebound, with Apple Inc (NASDAQ:AAPL) gaining 3.2%, Alphabet Inc (NASDAQ:GOOGL) up 2.8%, Block Inc (NYSE:SQ) gaining 11.1%, Amazon.com Inc (NASDAQ:AMZN) lifting 5.7% and Microsoft Corporation (NASDAQ:MSFT) up 2.3%.
On the bond markets, United States 10-Year rates were at 2.922%.
