Stock futures are little changed in overnight trading Sunday, following the S&P 500’s worst week since March 2020, as investors awaited more corporate earnings results and a key policy decision from the Federal Reserve.

The Dow Jones Industrial Average futures edged up by 20 points. S&P 500 futures and Nasdaq 100 futures are both flat.

Action overnight followed a brutal week on Wall StreetIn the face mixed earnings from companies and concerns about rising interest rates. The S&P 500 lost 5.7% last week and closed below its 200-day moving average, a key technical level, for the first time since June 2020. Blue-chip Dow lost 4.6% last week, its lowest performance since October 2020.

Even worse was the sell-off of the tech-heavy Nasdaq Composite, with the benchmark falling 7.6% last week and suffering its fourth consecutive weekly loss. The index currently sits at more than 14% under its November record close. This puts it further in correction territory.

It has not been an easy fourth quarter earnings season. While more than 70% of S&P 500 companies that have reported results have topped Wall Street estimates, a couple of key firms let down investors last week, including Goldman Sachs and Netflix.

Adam Crisafulli (founder of Vital Knowledge) stated that “what had originally been a stimulus withdrawal driven decline has morphed into earnings jitters last week.” Investors are concerned about not only the earnings multiple, but also the EPS forecasts.

IBM will report its numbers Monday after the bell. The earnings of Big Tech companies such as Microsoft, Tesla, and Apple will be available for investors to digest.

The Fed’s policy meeting will also be a key market driver. It ends on Wednesday. Investors eagerly await any indications from the Fed about how much and when they will increase interest rates.

Goldman Sachs said Sunday thatThe bank’s baseline forecast for this year calls for four rate rises, however it sees the possibility of more due to inflation.

In anticipation of tightening monetary policies by the Fed, riskier assets are being disposed off by investors this year. Bitcoin fell more than 8 percent over the weekend and traded at around $35,511 per piece, wiping off nearly half of its original value, which was set in November’s record-breaking high.

Bond yields have risen in anticipation for Fed rate rises in 2019, which partially triggered the dramatic sell-off of tech stocks that are growth-oriented. The 10-year Treasury yield ended last week at 1.76%. However, the benchmark rate rose by about 25% in 2022.

David Lefkowitz of UBS Global Wealth Management, Head of Equities Americas, stated, “The biggest story of 2022 is the rapid increase in interest rates. This prompts investors to reassess their valuations for certain of the most pricey segments of market and turn into value stocks.”