Stock Futures Dip as Powell’s Speech Signals Higher Rates and Slower Economic Growth
Futures Slip Following Powell’s Speech
Stock futures dipped on Thursday evening, following a negative performance among major indices as Federal Reserve Chair Jerome Powell’s speech hinted at the possibility of higher interest rates and slower economic growth needed to tame persistent inflation.
Stock Futures Decline
By 6:40pm ET (10:40pm GMT), Dow Jones futures were down 0.1%, S&P 500 futures lost 0.2%, and Nasdaq futures fell 3%.
SolarEdge Technologies Inc Faces Revenue Guidance Trim
In extended deals, SolarEdge Technologies Inc (NASDAQ:) tanked 21% after trimming its Q3 revenue guidance.
Upcoming Earnings Results
Ahead of Friday’s trading session, traders will be eagerly awaiting fresh earnings results from companies including Schlumberger NV (NYSE:), American Express Company (NYSE:), Santos Ltd (OTC:), and Regions Financial Corporation (NYSE:).
Thursday’s Market Performance
During Thursday’s regular session, the Dow Jones Industrial Average fell 250.9 points or 0.8% to 33,414.2, the S&P 500 lost 36.6 points or 0.9% to 4,278, and the Nasdaq Composite fell 13,186.2.
Data Update
On the data front, jobless claims came in at 198K versus the expected 212K, while continuing jobless claims were reported at 3.96 million versus the expected 3.89 million.
Bond Market Update
On the bond markets, Treasury yields were just off fresh 16-year highs at 4.99%.
