July 3, 2022

Raven Tribune

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Stock futures drop slightly as Wall Street looks to lose streak

Stock futures drop slightly as Wall Street looks to lose streak

Stock futures fell Thursday evening as Wall Street looked to achieve a rare positive week in the first half of the year.

Futures linked to the Dow Jones Industrial Average were down 99 points, or 0.3%. S&P 500 futures dropped 0.4%, while Nasdaq 100 futures lost 0.4%.

The moves in futures come as the stock market appears to have found some stability this week, at least in the short term. after Thursday afternoon walkThe S&P 500 is up 3.3% this week, while the Nasdaq Composite is up 4% and the Dow is up 2.6%.

All three averages are looking to capture three-week loss streaks.

Economic data will be the main focus on Friday, as investors try to determine whether or not the US economy is falling into a recession. New home sales data is due at 10 AM ET and will follow the University of Michigan’s final consumer confidence report for June later in the day.

“Recession talk remains the focal point of Wall Street and that means any stock market recovery is likely to be short-lived,” Ed Moya, chief market analyst at Oanda, said in a note. “Wall Street won’t have any answers anytime soon to the questions about when inflation will peak, when we will see a recession, and how far the Fed will raise interest rates?”

A consumer sentiment reading can be especially important for investors, said Federal Reserve Chairman Jerome Powell Sudden drop in initial reading It was one of the reasons why the central bank raised the benchmark interest rate by three-quarters of a percentage point earlier this month.

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On the corporate front, FedEx shares rose in extended trading despite a mixed fourth-quarter report after the logistics company provided an upbeat earnings outlook. Carnival Cruise Line is set to launch an updated commercial on Friday morning.