Business

Stock futures drop slightly after a big comeback for stocks

Trader on the floor of the NYSE, June 15, 2022.

Source: NYSE

U.S. stock futures fell slightly on Sunday night after a major rally last week from this year’s sharp decline. Despite the recovery, Wall Street is preparing to end the worst first half of the year for stocks in decades.

Dow Jones Industrial Average futures fell 91 points, or 0.3%. S&P 500 futures fell 0.3 percent and Nasdaq 100 futures fell 0.3 percent.

These moves followed a major comeback week that saw the Dow rise more than 800 points, or 2.7%. The S&P 500 gained 3.1% and the Nasdaq Composite gained 3.3%.

Those gains gave the major averages their first positive week since May. The Dow rose 5.4% last week. The S&P 500 gained 6.5% and the Nasdaq Composite gained 7.5%.

Market participants continue to gauge whether the stock has found a bottom or is recovering briefly from oversold conditions. Inventory can continue to increase in the short term this week, when investors rebalance their holdings for the end of the quarter.

Terry Sandven, chief equity strategist at US Bank Wealth Management, told CNBC on Friday: “In a sense, the stock market is likely … in a fast-no-go mode. anywhere in the near future”.

“Inflation is heating up, sentiment is softening, liquidity is evaporating and earnings are both a bright spot and a wildcard. So overall, for us, it implies that we can. been in a sideways trend mode for a while”. Sandven added.

On the economic front, Wall Street is expecting the latest data on durable goods orders to be released on Monday before the alarm goes off.

Traders are also keeping an eye on the pending home sales report, scheduled for 10 a.m. ET on Monday.

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