Late Sunday saw stock futures decline as investors geared up for a week highlighted by another interest rate determination from the Federal Reserve.
This weekend, President Donald Trump instructed pre-emptive airstrikes On Saturday, attacks by Houthi fighters in Yemen raised alarms regarding the rebels' promises of revenge and the possibility of further intensification of the war.
As of 6:10 p.m. Eastern Time on Sunday, the future contracts for the Dow Jones Industrial Average had fallen by 129 points, representing a decline of about 0.3%. Meanwhile, S&P 500 futures showed a drop of around 0.4%, and those for the Nasdaq Composite decreased by almost 0.5%.
Stocks seem set to continue their declines from last week. The Dow lost 3.1% over the past week, the S&P 500 decreased by 2.3%, and the Nasdaq declined by 2.4%.
According to Dow Jones Market Data, the Dow experienced its biggest two-week decline both in points and percentages since September 2022. This year, the blue-chip index has dropped by 2.5%.
The S&P 500 has experienced losses for four consecutive weeks, marking its biggest four-week drop in points since the week of April 3, 2020, which was amid the Covid-19 pandemic. This index has decreased by 4% year-to-date.
The Nasdaq is currently experiencing a fourth consecutive week of losses, marking its biggest four-week drop since the week ended March 20, 2020, which was another period during the pandemic. This year, it has dropped by 8.1%.
This week’s economic highlights incorporate the Federal Reserve’s interest rate announcement on Wednesday, followed by remarks from Fed Chairman Jerome Powell, his first since the S&P 500 fell into correction territory last week and consumer confidence declined for the third consecutive month.
It is broadly anticipated that the Federal Reserve will maintain the target interest rate within the present range of 4.25% to 4.50%. 99% anticipating no alterations, as per the CME FedWatch tool. Additionally, it will issue its most recent Summary of Economic Projections.
Other economic figures released this week encompass the Census Bureau’s retail sales report for February as well as the Federal Reserve Bank of New York’s metrics. Empire State Manufacturing Survey For March, this applies to both Mondays, as well as the Federal Reserve Bank of Philadelphia’s events. Manufacturing Business Outlook Survey for March on Thursday.
This week will see the release of various housing-related statistics: The National Association of Home Builders' Housing Market Index for March will be published on Monday; followed by the Commerce Department’s report on housing starts and building permits for February on Tuesday; finally, the National Association of Realtors’ figures on existing home sales for February will come out on Thursday.
Send correspondence to Janet H. Cho janet.cho@dowjones.com
Post a Comment