Stock futures rise slightly as S&P 500 poised for worst week since March 2020
Stock futures rose slightly on Thursday night as Wall Street tried to regain its footing after a week of fierce selling.
Futures contracts tied to the Dow Jones Industrial Average rose 65 points, or 0.2%. The S&P 500 index gained 0.2%, while Nasdaq 100 futures gained 0.3%.
The move comes amid growing concern among investors about the possibility of an economic slowdown. Several key economic data has no forecast this week, from May retail sales to home buying starts and the Federal Reserve raising its benchmark interest rate by the most since 1994.
“This week has been brutal. …Let me tell you, we’re in a recession,” Wharton School of Business professor Jeremy Siegel said Thursday on CNBC’sClosing bell: After hours. “” It was a mild recession. It’s not an official NBER recession, certainly not yet, but this first half was negative GDP growth and it’s ending on a slide. “
The S&P 500 is down 6% for the week, which would be its worst weekly performance since March 2020. All of its 11 sectors are at least 15% below recent highs.
Above ThursdayThe Dow fell below 30,000 for the first time since January 2021. The 30-stock average fell 4.7% for the week, tracking the 11th negative week in 12.
The tech-heavy Nasdaq Composite was hit even harder, falling 6.1% for the week.
In terms of earnings, software giant Adobe reported a better-than-expected second quarter but delivered disappointing full-year guidance. Shares fell more than 4% in extended trading on Thursday.
Friday is a relatively mild day for economic data, with industrial production data for May due before the opening bell.