U.S. stock futures fall as economic uncertainty persists, tech selloff continues Provided by Investing.com
Investing.com — U.S. stock index futures fell in evening trading Sunday as recession concerns persisted, while technology stocks continued to struggle to capitalize on long-term gains.
As of 19:28 ET (23:28 GMT), it was down 0.9% to 5,329.0 points, down 1.4% to 18,302.0 points, down 0.5% to 39,680.0 points.
Wall Street hits by recession fears
Wall Street futures markets also suffered losses last week as U.S. stocks plunged on recession fears.
A series of weak readings on business activity and the labor market have raised concerns that the Federal Reserve has kept interest rates too high for too long and that a soft landing for the economy is increasingly unlikely.
That sentiment reached a peak on Friday after July’s numbers came in well below expectations, indicating the labor market has cooled significantly.
The data raised expectations of further Fed rate cuts, but did not significantly increase demand for riskier assets.
Selling was also heavily biased toward technology stocks, which fell 2.4% on Friday to 16,776.16 points. The index is down more than 10% from its all-time high earlier this year.
It fell 1.8% to 5,346.56 points due to a decline in technology stocks, and , which has a lower weighting of technology stocks compared to other stocks, fell 1.5% to 39,737.26 points.
Economic signals, more profits coming soon
At last week’s Federal Reserve meeting, the central bank kept interest rates steady but hinted at a September cut, and markets will likely be watching for further clues from the Fed leadership throughout the week.
We have some more economic data coming out this week, with data from the Institute for Supply Management coming out on Monday.
Industrial indicators in corporate earnings caterpillar Inc (NYSE:) and major ride-sharing companies Uber Technologies Inc. (NYSE:) closes on Tuesday.
Super Micro Computer Inc (NASDAQ:), which saw a major rise in value on artificial intelligence hype, also closed Tuesday, while media giant Walt Disney Company (NYSE:) and Warner Bros Discovery Inc (NASDAQ:) are scheduled to list on Wednesday.
