Traders on the NYSE, May 20, 2022

Source: NYSE

Stock futures rose in trading on Sunday night after the Dow Jones Industrial Average fell for the eighth week in a row amid broader market sell-offs.

Futures on the Dow Downgrade rose 170 points, or 0.57%. S&P 500 futures added 0.7% and Nasdaq 100 futures rose 0.7%.

The move came after the S&P 500 landed in the bear market on Friday on an intraday basis. While the benchmark fell by 20% at one point, it did not close in the bear market after returning at the end of the day.

In the regular trading session on Friday, the S&P 500 closed 0.01% higher to 3,901.36 after falling 2.3% earlier in the session. The Dow added 8.77 points to 31,261.90 after a dip of as much as 600 points, while the Nasdaq was down 0.3%.

The S&P 500 is currently at 19% of its record high, while the Dow is down 15.4%. Nasdaq is already deep in the bear market, down 30% from its high.

Last week was Dow’s first eight-week loss streak since 1923, while the S&P 500 ended a seven-week loss streak that was the worst since 2001.

The Nasdaq index for the first time since March 2001 marked the seventh negative week in a row. On Friday, the technology index also showed the lowest intraday level since November 2020.

Eight of the 11 sectors ended the week in the red, led by consumer products, which fell 8.63% and had the worst weekly figures since March 2020. Energy ended the week at the top, rising 1.09%. Consumer discretionary and communication services also finished the week by more than 32% of their 52-week highs.

“Investors are trying to figure out what’s going on, and they’re always trying to guess what the outcome is,” said Susan Schmidt of Aviva Investors. “Investors hate and markets hate uncertainty, and this is a period when they have no clear indication of what will happen to this push between inflation and the economy.”

This week, investors are looking forward to a new batch of profits, including a number of big retail names. Zoom Video will report results Monday, followed by Costco, Nvidia, Dollar General, Nordstrom and Macy’s later in the week.

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