Friday, October 7, 2022

Stock futures are higher after S&P 500 falls to its lowest level in more than a year

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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 rose by 92 points, or 0.3%. S&P 500 and Nasdaq 100 futures climbed 0.3% and 0.4%, respectively. Shares of AMC and Novavax made moves after hours on the backs of their most recent 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. The broad market index dropped 17% from its 52-week high as Wall Street continued to struggle finding a bottom after last week’s losses.

The Dow Jones Industrial Average dropped 1.99%, down more than 12% from 52-week highs. The S&P 500 fell 3.2%. The tech-heavy Nasdaq Composite lost 4.29%, off more than 27% from 52-week highs.

Those moves came as inflation fears continued to hit markets on all sides. Tech stocks especially took a beating. Shares for Meta Platforms and Alphabet fell 3.7% and 2.8%, respectively. Shares for Tesla dropped more than 9%.

“The sentiment has been very bearish for the last few months, if not the last few weeks for sure, and an inability to rally…tells you everything that you need to know about the current state of the market, meaning the bears are in control,” said Adam Sarhan, founder and CEO of 50 Park Investments.

Meanwhile, the yield on the benchmark 10-year Treasury note climbed to its highest level since late 2018, topping 3%.

In after hours trading on Monday, AMC’s stock price jumped 4% after the entertainment company reported its “strongest first quarter in two full years” as consumers returned to movie theaters.

Novavax‘s stock price tumbled 10% in extended trading after the biotech company missed earnings expectations despite also reporting its first profitable quarter.

Peloton Interactive and Fox are set to report earnings on Tuesday before the bell. Coinbase, Roblox, RealReal and Allbirds are expected to report earnings on Tuesday after market close.



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