Stock futures fall on Sunday as Wall Street braces for a busy earnings week
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Traders at the NYSE floor, April 14, 2022.
Source: NYSE
U.S. stocks fell Sunday night, as investors waited for a strong week of earnings reports including those from Apple and Amazon.
Dow Jones Industrial Average futures fell by 80 points or 0.2%. S&P 500 and Nasdaq 100 futures dipped 0.2% and 0.2%, respectively.
These actions come before the busyest week of corporate earnings season. About 160 companies in the S&P 500 are expected to report earnings this week, and all eyes will be on reports from big tech companies, including Amazon, Apple, Google-parent Alphabet, Meta Platforms and Microsoft.
Investors will also be monitoring Twitter in the meantime. reportedly is re-examining Elon Musk’s takeover bidThe billionaire investor has disclosed that he obtained $46.5 million in financing. accordingAccording to Wall Street Journal, unnamed sources were cited.
Investors were encouraged to sell Friday due to rising interest rates and poor corporate results.
Dow Jones Industrial Average plunged 981.36 point, or 2.8%, at 33,811.40 in its worst day since October 2020. The S&P 500 was 2.8% lower at 4,271.78, its worst day since March. Nasdaq Composite dropped 2.6%, to 12,839.29.
Jonathan Krinsky is chief market technician for BTIG. He stated, “There was severe damage in many markets, while money rotation into perceived defensives’ such as Utilities. Staples. Pharma and even mega-capgrowth.” “Despite their momentum, these areas are unwinding slower, and the low-momentum name continue to trend downward.”
Coca-Cola should report prior to the bell Monday morning with a management meeting scheduled at 8:30 a.m. ET. Activision Blizzard and Otis also reported on Monday, Whirlpool, Whirlpool, Zions Bancorp, Whirlpool, Whirlpool, Whirlpool, and Whirlpool.
Wall Street also looks forward to this week’s key inflation measure. Friday will see the release of personal consumption expenditures index. Core PCE rose 5.4% during February.
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