Stock futures fall on Sunday as Wall Street braces for a busy earnings week

U.S. inventory futures fell on Sunday night time amid a four-week dropping streak for the Dow Jones Industrial Average as traders weighed the probability of rising rates of interest. Wall Street can also be bracing for a stacked week of earnings, together with reviews from main tech corporations such as Amazon and Apple.

Dow Jones Industrial Average futures misplaced 36 factors, or 0.1%. S&P 500 futures dipped 0.2% and Nasdaq 100 futures declined 0.2%.

Those strikes come after Friday's selloff, with the Dow dropping 981.36 factors, or 2.8%, to 33,811.40 in what was the Dow's worst day since October 2020. The S&P 500 fell 2.8% to 4,271.78, or its worst day since March. The Nasdaq Composite dropped by 2.6% to 12,839.29.

All the most important averages closed down decrease final week, with the Dow falling 1.9% for the week, or its fourth straight weekly decline. The S&P 500 and the Nasdaq dropped 2.8% and three.8% for the week respectively, posting their third straight weekly decline.

"There has been severe damage in many areas of the market, while money rotated into perceived 'defensives' like Utilities, Staples, Pharma, and even mega-cap growth," stated Jonathan Krinsky, chief market technician at BTIG. "Those areas, despite their strong momentum, are now unwinding lower, while the low-momentum names continue to trend down."

Investors will probably be watching Twitter, which reportedly is re-examining Elon Musk's takeover bid after the billionaire investor disclosed he secured $46.5 billion in financing, in response to a Wall Street Journal report, citing unnamed sources.

Wall Street can also be bracing for what would be the busiest week but in company earnings season. About 160 corporations within the S&P 500 are anticipated to report earnings this week, and all eyes will probably be on reviews from massive tech corporations, together with Amazon, Apple, Google-parent Alphabet, Meta Platforms and Microsoft.

Coca-Cola is anticipated to report earlier than the bell on Monday with a administration name set at 8:30 a.m. ET. Other corporations reporting on Monday embrace Activision Blizzard, Otis, Whirlpool and Zions Bancorp.

Traders are additionally trying ahead to a key measure of inflation this week. The private shopper expenditures index is ready to be launched Friday earlier than the bell. In February, the core PCE jumped 5.4%.

based mostly on web site supplies

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