Global Courant
Traders on the floor of the NYSE, May 11, 2023.
Source: NYSE
Stock futures were all lower on Friday morning as Wall Street headed into a losing week.
Futures linked to the S&P 500 slipped 0.46%, while Nasdaq-100 futures lost 0.52%. Futures linked to the Dow Jones Industrial Average fell 145 points, or 0.42%.
Investors bought up tech stocks during Thursday’s session after a three-day breather from the market rally, driving the tech-heavy Nasdaq composite up to 0.95% and shares of Apple to a new all-time high. The S&P 500 added 0.37%, while the Dow Jones Industrial Average lost 4.81 points, pressured by shares of Boeing.
All three major averages will break multi-week profit streaks. The Dow and S&P 500 lost 1% and 0.6%, respectively, since the start of the week. The Nasdaq is down 0.4%, well on its way to an eight-week profit streak and posting its worst weekly period since April.
“The markets have been under some pressure since last week’s press conference and press release from the Fed, which said they are not going to raise rates at this time, but will probably raise rates another 1-2 times later this year years,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.
These developments have given the market a “breather” as investors “come to terms” with the ongoing outlook for the central bank’s hiking campaign, he added.
A relatively light week for economic data continues Friday with S&P Global PMI composite data for June. Earnings are on the deck of AutoMax.
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