U.S. stock futures were higher on Monday night after the S&P 500 fell to its lowest point in more than a year.
Dow Jones Industrial Average terms rose 105 points, or 0.3%. Futures on the S&P 500 and Nasdaq 100 rose 0.3% and 0.4%, respectively. Shares of AMC and Novavax moved after a few hours on the back of their latest quarterly reports.
Earlier in the day, the S&P 500 fell below 4,000, or even 3,975.48, to mark the weakest point of the index since March 2021. The broad market index fell 17% from its 52-week high as Wall Street continued to struggle finding a bottom after last week’s losses.
The Dow Jones Industrial Average fell 1.99%, up 12% from 52-week highs. The S&P 500 fell 3.2%. The technically heavy Nasdaq Composite lost 4.29%, up 27% from its 52-week high.
The moves came as fears of inflation continued to hit markets on all sides. Technology stocks were particularly hard hit. Shares for Meta Platforms and Alphabet fell 3.7% and 2.8%, respectively. Tesla shares fell by more than 9%.
“The feeling has been very bearish in the last few months, if not the last few weeks for sure, and the inability to gather … tells you everything you need to know about the current market situation, which means bears are in control,” said Adam Sarhan. founder and CEO of 50 Park Investments.
Meanwhile, yields on reference 10-year treasury bills have climbed to their highest level since the end of 2018, exceeding 3%.
In after-hours trading on Monday, AMC’s stock price jumped 4% after the entertainment company reported its “strongest first quarter in two full years” after consumers returned to theaters.
Novavax’s stock price fell 10% in extended trading after the biotech company betrayed earnings expectations despite also reporting its first profitable quarter.
Peloton Interactive and Fox will report earnings on Tuesday before the bell rings. Coinbase, Roblox, RealReal and Allbirds are expected to report earnings on Tuesday after the market closes.