S&P 500 futures rise to end a miserable week, month and quarter
Stock futures rose on Friday as traders tried to bounce back from a strong selloff this week that took the S&P 500 to a new 2022 low.
Futures linked to the S&P 500 rose 0.31%. Dow Jones Industrial Average futures gained 44 points, or 0.15%. Nasdaq 100 futures were up 0.33%.
A closely watched inflation report from the Federal Reserve released on Friday showed prices continuing to rise at a rapid pace.
Stocks sold off on Thursday, with the Dow Jones losing more than 1% and the S&P 500 and Nasdaq Composite each falling more than 2% as investors weighed concerns over future rate hike decisions from the Federal Reserve and the impact on the market.
These losses put the major averages on pace for heavy weekly losses. The S&P 500 is down 1.4% for the week, while the Dow Jones and Nasdaq are each down 1.2%. This would mark the sixth negative week in seven for the
“The market stinks,” said Jamie Cox, managing partner of Harris Financial Group. “But that’s basically what the Fed wants: to tighten financial conditions, and they think that will help bring inflation down to levels that they think are acceptable. And they’re using the market transmission mechanism to do that. “
Friday also marked the last day of the month and the third quarter. For September, the S&P 500 and the Dow were down more than 7% each through Thursday’s close. It would be the Dow’s worst monthly performance since March 2020 and the S&P 500’s biggest one-month decline since June. The Nasdaq is heading for its biggest monthly loss since April, losing 9.1%.
Quarter-to-date, the S&P 500 and Nasdaq are heading for their first three-quarter losing streak since 2009, losing 3.8% and 2.6%, respectively. The Dow is down 5% in the third quarter and is on course to post a third consecutive losing quarter for the first time since 2015.
Shares of Nike fell after the company announced sales increased, but supply chain and inventory issues hampered its fiscal first-quarter bottom line. Meanwhile, shares of Amylyx Pharmaceuticals soared after the Food and Drug Administration approved its drug for Lou Gehrig’s disease.