Traders operate on the site of the New York Stock Exchange (NYSE) on May 18, 2022 in New York.

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Stock futures fell in trading overnight on Wednesday after the Dow Jones Industrial Average experienced its biggest one-day drop since 2020.

Futures on the Dow Jones Industrial Average fell about 30 points. S&P 500 futures fell 0.1% and Nasdaq 100 futures fell 0.2%.

These steps came hours after a sharp sell-off in the market as large retail profits pointed to inflation affecting corporate profits.

The quarterly reports of Target and Walmart showed higher fuel costs and restrained consumer demand, which are detrimental to the results amid the hottest inflation in decades.

The Dow has lost more than 1,100 points in the biggest decline on average since June 2020. The average blue chip has closed at its lowest level since March 2021. The S&P 500 lost about 4%, as well as the worst drop since June 2020. Nasdaq Composite down 4.7%

“This continues the story that … we’re going to significantly reduce stocks this year before we find the bottom,” Guggenheim Partners chief investment officer Scott Minerd told CNBC’s Closing Bell: Overtime on Wednesday.

Sales on Wednesday were wide: all 11 sectors of the S&P 500 closed. Discretionary shares of consumers, which fell by 6.6%, suffered the most.

Investors will receive more corporate earnings for analysis by Thursday with companies such as BJ’s Wholesale, Kohl’s, Applied Materials and Ross on deck.

The first unemployment statements are also scheduled to be released on Thursday morning.

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