Dow Futures Tick Higher Ahead of Holiday, Recession Fears in Focus
2022.06.20 02:06
By Oliver Gray
Investing.com – U.S. stock futures rose modestly during Sunday’s evening deals, after major benchmark averages posted their third consecutive weekly declines, finishing at 16-month lows amid growing concerns that the Federal Reserve’s aggressive interest rate hikes will push the economy into a recession.
By 6:45pm ET (10:45pm GMT) Dow Jones Futures were up 0.4%, S&P 500 Futures gained 0.6% and Nasdaq 100 Futures were up 1%.
Ahead in the week, market participants will keep a close eye on appearances by several Fed officials after Gov. Christopher Waller said Saturday that he favors another 75-basis-point rate hike at the late July Fed meeting. Fed Chair Powell is set to testify before the Senate Banking panel on Wednesday and House Financial Services Committee on Thursday.
On the data front, market participants will be monitoring existing and new home sales, flash S&P Global (NYSE:SPGI) services and manufacturing PMIs as well as the final Michigan consumer sentiment. U.S. stock and bond markets will be remain closed on Monday for the Juneteenth holiday.
In cryptocurrency markets, The Bitcoin price rebounded above $20,000 on Sunday after falling below $17,600 on Saturday to post fresh 18-month lows.
During Friday’s session, the Dow Jones Industrial Average fell 29.3 points or 0.1% to 29,888.8, the S&P 500 added 8.1 points or 0.2% to 3,674.9 and the NASDAQ Composite gained 152.3 points or 1.4% to 10,798.4.
On the bond markets, United States 10-Year yields were at 3.231%.
