Stock futures are higher after S&P 500 falls to its lowest level in more than a year
U.S. stock futures were higher on Monday night after the S&P 500 fell to its lowest level in more than a year.
Dow Jones Industrial Average futures climbed by 92 point, or 0.3%. S&P 500 and Nasdaq 100 futures climbed 0.3% and 0.4%, respectively. AMC shares and Novavax share prices moved after hours, based on their latest quarterly reports.
Earlier in the day, the S&P 500 dropped below the 4,000 level, or as low as 3,975.48, to mark the index’s weakest point since March 2021. Wall Street’s struggles to find a bottom following last week’s losses caused the broad market index to drop 17%.
Dow Jones Industrial Average lost 1.99%. This is a drop of more than 11% from its 52-week highs. The S&P 500 fell 3.2%. Tech-intense Nasdaq Composite fell 4.29% from its 52-week peak. This is more than 27% below the previous 52 weeks.
Inflation fears continued to plague markets all over the world, and these moves were no surprise. Technology stocks took the most severe hits. Meta Platforms shares and Alphabet share prices fell 3.7%, 2.8% and respectively. Tesla’s shares fell more than 9%.
Adam Sarhan is the founder and CEO, 50 Park Investments.
The benchmark 10-year Treasury note yield soared to 3%, its highest point since 2018
After hours trading Monday saw AMC stock prices jump 4% following the entertainment company reportedIts “strongest quarter in two years”, as movie-goers returned to the theaters.
NovavaxThe stock market plunged 10% after extended trading, as the biotech firm missed its earnings targets despite reporting its first profit quarter.
Peloton InteractiveFox and Fox will report earnings Tuesday morning before the bell. Coinbase, Roblox, RealReal AllbirdsEarnings are expected to be reported on Tuesday, after the close of market.