U.S. stock futures climb after China rate cut, as Dow headed for its worst losing streak in history
U.S. stock futures pointed to a strong bounce for Wall Street on Friday, with sentiment getting a lift from a cut one of China’s key lending rates. But investors are still facing yet another weekly loss.
How are stock-index futures trading? On Thursday, the Dow industrials and S&P 500 booked their lowest closes since March 2021, according to Dow Jones Market Data. The Dow DJIA fell 236.94 points, or 0.8%, ending at 31,253.13, after a 300 point gain at one point. The S&P 500 SPX fell 0.6% to 3,900.79, and the Nasdaq Composite COMP slipped 0.3% to 11,388.50.What’s driving markets? Wall Street futures took their cue from a strong Asian session, where the Hong Kong Hang Seng HSI rallied 3.
The S&P finished a step closer to bear-market territory on Thursday as the Russia-Ukraine war, a China slowdown, high inflation and rising interest rates have sparked concerns over corporate profits and economic growth. Down 3% or more each, major indexes are likely facing yet another week of losses. The Dow industrials is set for its eighth-straight loss, which mark its longest streak in history, according to FactSet.
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