Dow Futures Trade Lower after Volatile Week
2022.05.09 02:02
By Oliver Gray
Investing.com – Dow futures declined on Sunday evening following a volatile week of trading after Federal Reserve policymakers raised interest rates by a half percentage point while signaling more hikes of the same size.
By 6:45pm ET (10:45pm GMT) Dow Jones Futures were down 0.5% while S&P 500 Futures and Nasdaq 100 Futures were each trading 0.6% lower.
First quarter earnings results are set to continue this week, albeit at a slower pace, with companies such as Palantir Technologies Inc (NYSE:PLTR), BioNTech SE (NASDAQ:BNTX) and Novavax Inc (NASDAQ:NVAX) slated to report results before the opening bell on Monday.
Market participants will also be looking ahead to Wednesday’s April consumer price index amid expectations of an 8.1% increase year-over-year, easing from March’s reading of 8.5%. The producer price index, which is a gauge of wholesale prices, is released Thursday.
In other news, U.S. first lady Jill Biden made a surprise visit to Ukraine on Sunday in a move to show U.S. support for the embattled nation as the war with Russia nears the three-month mark. The U.S. and Group of Seven countries also announced that they would increase short-term financial support for Ukraine.
During last week’s trade, the NASDAQ Composite lost 1.54%, the S&P 500 lost 0.21% and the Dow Jones Industrial Average fell 0.24%, respectively. It was the sixth straight losing week for the Dow, and the fifth straight for the other two major indexes.
On the bond markets, United States 10-Year yields were at 3.136%, the highest levels since November 2018.
