Traders on the NYSE, May 6, 2022.
Stock futures fell on Sunday night as traders searched the market to find a foothold after a dramatic trading week.
Dow Jones Industrial Average futures fell 124 points, or 0.4%. Dates for the S&P 500 fell 0.6%, while those for the Nasdaq 100 lost 0.7%.
Last week, the Nasdaq Composite lost 1.54%, while the S&P 500 and Dow fell 0.21% and 0.24%, respectively. It was the sixth consecutive week of losers for the Dow, and the fifth in a row for the other two major indexes.
Although the cumulative moves for the week were not uncommon, some of the daily fluctuations jumped into the eye. The Dow had its best day since 2020 on Wednesday, but then erased all those gains and more on Thursday.
A brief rally on Wednesday came after Federal Reserve Chairman Jerome Powell said the central bank was not considering raising the rate by 75 basis points in upcoming meetings. Shares and bonds strengthened after that comment, but reversed the price on Thursday.
Hedge fund manager billionaire David Tepper told CNN’s Wapner on Friday that Powell’s statement was a “non-forced mistake” that contributed to market instability.
Earnings season is slowing in the first quarter, but there are several significant reports ahead of Monday’s opening, including Palantir and vaccine makers BioNTech and Novovax.
In other corporate news, Ford intended to sell 8 million shares of Rivian Automotive over the weekend, sources told David Faber of CNBC.
Investors will also follow the war in Ukraine. U.S. First Lady Jill Biden paid a surprising visit to the country on Sunday. The U.S. and the Group of Seven countries have announced they will increase short-term financial support to Ukraine as the war with Russia approaches its three-month mark.