Stock futures fall on Sunday as Wall Street braces for a busy earnings week
On Friday, all the major averages declined as traders absorbed the prospect of rising interest rates from the Federal Reserve and the week's corporate quarterly results.
The Dow Jones Industrial Average lost 981.36 points, or 2.8%, to 33,811.40. The S&P 500 fell 2.8% to 4,271.78, or its worst day since March. The Nasdaq Composite dropped by 2.6% to 12,839.29. "There has been severe damage in many areas of the market, while money rotated into perceived 'defensives' like Utilities, Staples, Pharma, and even mega-cap growth," said Jonathan Krinsky, chief market technician at BTIG. "Those areas, despite their strong momentum, are now unwinding lower, while the low-momentum names continue to trend down."
Coca-Cola is expected to report before the bell on Monday with a management call set at 8:30 a.m. ET. Other companies reporting on Monday include Activision Blizzard, Otis, Whirlpool and Zions Bancorp. Wall Street is also looking forward to a key measure of inflation this week. The personal consumer expenditures index is set to be released Friday before the bell. In February, the core PCE jumped 5.4%.
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