Stock Futures Point to Further Losses as Recession Looms
U.S. stock futures are pointing to further weakness for equity markets Thursday!
As concerns build about the health of the economy. In recent market action Stock futures ebbed. S&P futures fell 0.8%, putting the index on course for a third day of losses.
Tweet on stock fluctuations
Stock Futures Point to Further Losses on Recession Worries!#recession #inflation #stocks pic.twitter.com/0GYIJGZBYi
— The_Journalbiz (@the_journalbiz) January 19, 2023
FactSet Chart on the stock fluctuation
Dow industrials and Nasdaq-100 futures lost 0.8% and 0.9%, respectively.
Weaker-than-expected economic data sent indexes lower Wednesday, with the S&P shedding 1.6%. Data on retail sales and producer prices both pointed to growing sluggishness in the U.S. economy, a sign that the Federal Reserve’s fight against inflation is working, but not without an economical cost.
Bond yields are rising. The 10-year U.S. government bond yield rose to 3.395%, ending Wednesday at 3.374%, its lowest since mid-September.
Oil fell. Brent crude shed 0.5% to trade at about $84.50 a barrel. That put the international oil benchmark on course for a second losing session, as a rise in U.S. crude oil stockpiles added to concerns that demand for crude was waning.
Global markets were mixed. European indexes were lower across the board, while Asian indexes were mixed. The Stoxx Europe 600 fell 1.4%, Hong Kong’s Hang Seng shed 0.1%, and Japan’s Nikkei 225 fell 1.4%.
Up ahead: Data on housing starts and weekly jobless claims are due later, as well as earnings from companies such as Netflix and PPG Industries.
