Stock futures fell in overnight trading Thursday after a three-day rally for the S&P 500 as the stock benchmark poised to post its biggest weekly gain in more than a year.
Futures on the Dow Jones Industrial Average fell 166 points. S&P 500 futures were down 0.66% and Nasdaq 100 futures traded 0.88% lower.
Stocks saw relief this week as the Federal Reserve’s decision to tighten policy largely met investor expectations. The S&P 500 is up for three consecutive days this week, up 4.9%, heading into its best week since November 2020.
The blue-chip Dow is coming off a four-day winning streak, up 4.7% for the week so far, and is also on pace for its biggest weekly gain since November 2020. The tech-heavy Nasdaq Composite is down 6 this week. % up, en route to its best week since February 2021.
Earlier this week, the central bank raised its benchmark interest rate for the first time since 2018 and signaled six more hikes this year.
“Fortunately, investors’ inflation expectations for the next five years have been brought down quite a bit, which, if sustained, will persist. [to] useful to the Fed and the markets, despite somewhat higher interest rates,” said John Vail, chief global strategist at Nikko Asset Management.
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Investors continue to monitor news from Ukraine and Russia as the war continues. Russian attacks across Ukraine have resulted in numerous civilian deaths in the past day, Ukrainian officials said.
Russia was able to pay coupons on its government bonds to a number of creditors, Reuters reported, citing sources. While uncertainty still persists, Russia has managed to avoid a historic debt default for the time being.
On Thursday, the West Texas Intermediate crude future, the US oil benchmark, jumped more than 8% and bounced back above $100 a barrel.
Shares of FedEx fell more than 3% in after-hours trading after the US delivery company posted a lower-than-expected quarterly profit amid labor shortages, while the pandemic also hurt holiday revenue growth.
GameStop saw its shares fall about 8% during extended trading after the video game retailer reported an unexpected loss during the holiday quarter. The company said it will launch a new marketplace for non-fungible tokens, or NFTs, at the end of April.
This post Stock Futures Fall as S&P 500 Sees Its Best Week Since November 2020
was original published at “https://www.cnbc.com/2022/03/17/stock-market-futures-open-to-close-news.html”