Traders on the NYSE, May 6, 2022

Source: NYSE

Stock futures fell early Monday as traders tried to find a foothold after a dramatic trading week.

Futures pegged to the Dow Jones Industrial Average fell 418 points, or 1.3%. The S&P 500 futures fell 1.5% and the Nasdaq 100 lost 1.7%.

Energy stocks fell sharply in the premarket as U.S. oil futures fell more than 2% to $ 107.18 a barrel. Shares of Marathon Petroleum fell 3% before the call, and Schlumberger – 2.1%.

Big technology names such as Meta Platforms and Alphabet also fell more than 2% each, while Amazon, Apple and Netflix traded more than 1% lower.

Wall Street is coming out of a wild week as investors weigh the prospects of raising interest rates with the potential to slow economic growth.

The Nasdaq Composite lost 1.54% last week, while the S&P 500 and Dow fell 0.21% and 0.24% respectively. It was the sixth consecutive week of losses for the Dow and the fifth in a row for the other two major indexes.

Although the cumulative moves of the week were not uncommon, some of the daily fluctuations were eye-popping. Wednesday at Dow was the best day since 2020, but then Thursday erased all those accomplishments and more.

A brief rally on Wednesday came after Federal Reserve Chairman Jerome Powell said the central bank was not considering raising the rate by 75 basis points at future meetings. Shares and bonds rose after that comment, but reversed on Thursday.

Hedge fund manager billionaire David Tepper told CNBC correspondent Scott Wapner on Friday that Powell’s statement was a “casual mistake” that contributed to market volatility.

Stock Picks and Investment Trends from CNBC Pro:

Earnings season in the first quarter is slowing, but there are several notable reports before the opening call on Monday, including Palantir and vaccine makers BioNTech and Novavax.

In other corporate news, Ford was going to sell 8 million shares of Rivian Automotive over the weekend, sources told David Faber of CNBC.

Investors will also watch the war in Ukraine. US First Lady Jill Biden paid an unexpected visit to the country on Sunday. The United States and the G7 countries have announced they will increase short-term financial support for Ukraine as the war with Russia nears a three-month mark.

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