Stock futures fall as S&P 500 tries to deliver its best week since November 2020

Stock futures fell in overnight trading on Thursday after a three-day rally for the S&P 500, as the benchmark equity index is set to post its biggest weekly gain yet. one year.

Dow Jones Industrial Average futures fell 166 points. S&P 500 futures were down 0.66% and Nasdaq 100 futures were down 0.88%.

Stocks rallied this week as the Federal Reserve’s decision to tighten policy more than met investor expectations. The S&P 500 has gained for three straight days this week, up 4.9%, on track for its best week since November 2020.

The blue-chip Dow is coming off a four-day winning streak, up 4.7% for the week so far, and is also on track for its biggest weekly gain since November 2020. The Nasdaq Tech-heavy Composite is up 6% this week. , is heading for its best week since February 2021.

Earlier this week, the central bank raised its benchmark interest rate for the first time since 2018 and announced six more hikes this year.

“Fortunately, investors’ expectations for inflation over the next five years have been reduced significantly, which, if sustained, will continue [to] be useful to the Fed and the markets despite somewhat higher interest rates,” said John Vail, chief global strategist at Nikko Asset Management.

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Investors continue to watch news from Ukraine and Russia as war rages on. Russian attacks across Ukraine have left scores of civilians dead over the past day, Ukrainian officials said.

Russia was able to pay coupons on its sovereign bonds to some creditors, Reuters reported, citing sources. Although uncertainty remains, Russia may have been able to avoid a historic default for now.

On Thursday, West Texas Intermediate crude futures, the U.S. oil benchmark, jumped more than 8% and rebounded above $100 a barrel.

FedEx shares fell more than 3% in after-hours trading after the U.S. delivery company posted quarterly profit below expectations amid labor shortages, while the pandemic has also hurt its revenue growth during the holidays.

GameStop saw its shares drop around 8% in extended trading after the video game retailer reported an unexpected loss during the holiday quarter. The company has announced that it will launch a new market for non-fungible tokens, or NFTs, by the end of April.

Stock futures fall as S&P 500 tries to deliver its best week since November 2020

Source link Stock futures fall as S&P 500 tries to deliver its best week since November 2020

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