Dow futures drop 100 points after Wall Street’s worst week since February
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Dealer on the floor of the NYSE.
Stock futures slipped in night trading on Sunday after last week’s sell-off triggered by inflationary fluctuations.
The futures on the Dow Jones Industrial Average fell 102 points. S&P 500 futures and Nasdaq 100 futures also traded in negative territory.
Bitcoin’s price fell below $ 44,000, trading at $ 43,329.62 as of 11:53 p.m. ET on Sunday, according to Coin Metrics. That came after Elon Musk, CEO of Tesla implied in a Twitter exchange Sunday that the electric vehicle maker may have dumped its Bitcoin holdings. Last week, for environmental reasons, Tesla decided to stop Bitcoin for car purchases.
Wall Street has had one of the wildest weeks of 2021, with the S&P 500 down 4% midweek on heightened inflation fears. The broad equity benchmark ended the week after a consecutive rally with a loss of 1.4%. The tech-heavy Nasdaq Composite, which was particularly hard hit by higher price pressures, fell 2.3% last week. The blue chip Dow fell 1.1% over the period. All three benchmarks had their worst week since February 26th.
“Not only [last] The week’s events are a warning sign of how uncomfortable inflationary pressures can get, but also a warning sign of how overbought the stock markets have become, “JPMorgan chief executive officer Nikolaos Panigirtzoglou said in a note.
Last week’s data showed the consumer price index year-on-year increase in April by 4.2%This is the fastest rate since 2008, which heightened fears that the Federal Reserve might be forced to taper its loose monetary policy if higher price pressures persist.
The Fed’s minutes of its last meeting, released on Wednesday, may provide some clues as to how policymakers are thinking about inflation.
Elsewhere, the first quarter earnings season ends with more than 90% of the S&P 500 companies reporting their results. So far, 86% of the S&P 500 companies have reported a positive EPS surprise. That would be the highest percentage of positive earnings surprises since 2008 when FactSet started tracking this metric.
Walmart, Home Depot and Macy’s will all be making profits on Tuesday.
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