Thu, March 30, 2023

Stock futures fell, with Dow Jones declining 222 points

Stocks and ongoing situation

On Wednesday, stock futures dipped in early morning trading after the markets recovered from a tech-led sell-off a day before.

Notably, the Dow Jones Industrial Average (DJIA) futures fell 222 points. S&P 500 futures and Nasdaq 100 futures witnessed slumps.

The market witnessed a broad improvement during Tuesday’s session, with 9 out of 11 S&P 500 sectors ending the session up. The Dow Jones Industrial Average (DJIA) advanced 312 points or 0.92%. Meanwhile, the S&P 500 climbed 1.05%, and the Nasdaq Composite surged 1.25%. 

Mega-cap tech stocks rose on Tuesday after being knocked down the prior trading session. The search-giant Facebook stayed in focus following a lengthy outage and claims by a whistleblower that the firm knows it’s harming users.

The financial sector ended Tuesday as the best performing sector of the S&P 500. Remarkably, it was up 1.78%. Other sectors geared toward a recovering economy also witnessed shares increase. Energy stocks also surged as oil prices soared. Additionally, Cruise, airline, and retail stocks also boosted.

Better-than-anticipated manufacturing reading Tuesday sprurred3 optimism about the economic revival. The Institute for Supply Management’s services purchasing managers’ index report for September increased to 61.9 from 61.7 in August, 0.2 points better than anticipated.

During the last week, the large-cap benchmarks and Nasdaq Composite index registered their biggest weekly decline since February. Meanwhile, it rounded out the worst monthly slumps since the start of the COVID-19 pandemic, weighed down by inflation and interest rate concerns.

Traders are now waiting for September jobs data on Friday

Among the worst-performing sectors were Health Care Sector, Information Technology Sector, Consumer Staples Sector, declining 3.52%, 2.81%, and 2.27%.

The market is now waiting for September jobs data on Friday. Furthermore, the debt ceiling and infrastructure talks out of D.C. are in focus amid more indications that rating agencies could take the U.S. credit rating down a notch if the drama resumes. 

The ADP private payrolls report for September is set to be published Wednesday. 

Moreover, Denim retailer Levi Strauss and alcoholic beverage corporation Constellation Brands are due to report quarterly earnings on Wednesday.

The benchmark U.S. 10-year Treasury yield rose back above 1.56%, briefly notching a 3 1/2-month peak as investors jitters over the potential for persistent higher inflation endured. The rise in bond yields has prompted investors to flee highly valued tech stocks. Notably, higher rates make their future profits less appealing.

Additionally, the pan-European Stoxx 600 dropped 1.5% in early trade, while travel and leisure stocks fell 2.4%.

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