September 28, 2022

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Stock futures rose after major averages suffered their worst day since June

Stock futures rose after major averages suffered their worst day since June

Stock futures rose on Tuesday as the market attempted to recover from its worst saying since June.

Futures related to the Dow Jones Industrial Average rose 40 points, or 0.1%, while the S&P 500 and Nasdaq 100 futures rose 0.1%.

Palo Alto Networks prices rose in the market on the back of strong quarterly results, while shares of Zoom Video fell after the video conferencing company cut its full-year forecast.

Wall Street emerged from a bearish session, as the summer rally continued to fade amid mounting concerns about a rate hike.

The Dow Jones fell more than 600 points on Monday, while the S&P 500 and Nasdaq Composite were down more than 2% each. Those were the biggest one-day declines for the Dow and S&P 500 since June 16. The Nasdaq suffered its worst session since June 28.

Monday’s sell-off was broad, with all 11 S&P 500 sectors closing lower, led by declines in IT and consumer discretionary stocks. The slide in technology stocks weighed heavily on the tech-heavy Nasdaq.

“The global growth story is in shambles right now,” said Ed Moya, chief market analyst at Oanda. “That’s kind of the effect on risk appetite right now because you can’t make the United States continue to be attractive while the rest of the world collapses.”

That sentiment will continue to pressure big tech companies and consumer choice stocks, he said. Moya, echoing other investors, expects another round of hawkish decline from Federal Reserve Chairman Jerome Powell when he speaks Friday at the central bank’s annual Jackson Hole Economic Symposium.

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Earnings season continues Tuesday with results for Macy’s, Nordstrom and Dick’s Sporting Goods. New home sales will also be released in July, along with the August manufacturing PMI and the Richmond Fed survey for August.