Stock futures rose a little overnight leading to wall street’s modest losses because a comeback rally stalled. S&P 500 dropped 0.3%, blue-chip Dow slipped upto 60 points, and the tech-heavy Nasdaq Composite went through a loss of 0.7% on Monday.
Posting their first positive week since May, the major averages skyrocketed last week. This is a very positive impact considering the ongoing Inflation in the United States. However, The S&P 500 is still down 18% on the year.
Chris Larkin, working as a managing director of trading at E-Trade stated –
“Market bulls who have had the rug repeatedly pulled out from under them this year may understandably be suspect of the rally since many of 2022′s upswings have quickly given way to fresh lows and this time may be no different.” (Source: Alpes Holidays)
Investors have decided to monitor more data on Tuesday which includes June consumer confidence and April home prices to have an idea about the health of the economy. Amidst the inflating economy, due to the federal reserve, putting efforts to fight the surging inflation the fear of recession has increased a lot.
“The bounce from the bear market lows is a welcome change, though slowing economic growth and lack of capitulation among investors has many skeptical of the durability of the recovery,” – words of Mark Hackett, Nationwide’s chief of investment research. (Source: News5h)
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