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Stock futures open lower, extending earlier declines

Stock futures opened lower Thursday night to extend the decline from the regular session.

Contracts on the S&P 500 fell. Earlier in the regular session, the Nasdaq lagged, with technology and growth stocks coming under selling pressure as concerns about the strength of the US economy’s recovery mounted.

This week, investors took in a slew of new economic data, in addition to an early set of second-quarter results. On the economic side, the data has been mixed, with the main price increases for consumers and producers having risen the most in recent decades due to supply chain constraints and labor shortages.

Still, Federal Reserve Chair Jerome Powell suggested in congressional testimony on Wednesday and Thursday that it was too early for the central bank to step in and roll back an ultra-accommodative monetary policy to curb inflation, given the labor market and other areas of the economy have yet to recover more fully from the pandemic. Friday’s report on retail sales from the Commerce Department is expected to show more moderation on the demand side of the economy, with U.S. retail sales likely falling 0.3% month-over-month in June for a second consecutive month of falls.

“We continue to believe that too many people are focused on inflation… it’s the predominant theme that we’ve dealt with and talked to our clients. [about]Brian Belski, chief investment strategist at BMO Capital Markets, told Yahoo Finance. “And I don’t think this will go away anytime soon.”

Meanwhile, the results of corporate profits trickling in from major financial firms are also mixed. Banks including Bank of America (BAC), JPMorgan Chase (JPM) and Morgan Stanley (MS) have outperformed consensus estimates on quarterly revenue and earnings, but are also showing signs of slowing under-the-hood growth in core business segments as demand to loans and fixed-income trading came in less than expected.

Story continues

Overall, though, expectations for the second quarter earnings season remain high, with consensus on Wall Street looking for aggregate S&P 500 earnings per share to grow more than 60% from last year. Next week’s influx of earnings reporters, including some big names like Netflix (NFLX) and Johnson & Johnson (JNJ), will provide a more complete picture of how corporate America fared as more parts of the economy reopened in the spring and early summer. became.

“I think we can see another quarter of the beats until we get back to the fourth quarter where the comparison is a little more difficult,” Hennessy Funds portfolio manager Josh Wein told Yahoo Finance. “In the fourth quarter of 2020, things started to open up again. And so I think right now we’re seeing these nice beats and ups. quarter.”

6:06 PM ET Thursday: Stock futures dip

Markets were traded here on Thursday evening

S&P 500 futures (ES = F): 4,348.00, -4 points (-0.09%)

Dow futures (YM=F): 34,835.00, -29 points (-0.08%)

Nasdaq futures (NQ = F): 14,777.00, -10.5 points (-0.07%)

NEW YORK, NY – JUNE 02: Exterior view of the New York Stock Exchange and Wall St. as new company Organon begins trading next Thursday in New York City on June 02, 2021. Organon plans to expand to provide treatments for other conditions unique to women, about 80% of the new company’s revenue will come from outside the US (Photo by Kena Betancur/VIEWpress)

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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