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Us stock futures rise following sharp selling this week

written by Bella Palmer

Futures tied to the S&P 500 were up 0.6%, Dow Jones Industrial Average futures added 144 points, or 0.5% and Nasdaq 100 futures were 0.5% higher

Stock futures rose Friday as the market tried to rebound from sharp selling this week that brought the S&P 500 to a new 2022 low.

Futures tied to the S&P 500 were up 0.6%. Dow Jones Industrial Average futures added 144 points, or 0.5%. Nasdaq 100 futures were 0.5% higher.

Stock sold off Thursday, with the Dow losing more than 1% and the S&P 500 and Nasdaq Composite each dropping more than 2% as investors weighed concerns over future rate-hiking decisions from the Federal Reserve and the impact on the market.

Those losses put the major averages on pace for sharp weekly losses. The S&P 500 is off 1.4% for the week, while the Dow and the Nasdaq are each down 1.2%.

The market stinks, said Jamie Cox, managing partner of Harris Financial Group. But that’s basically what the Fed wants: tighten financial conditions, and they believe that that will help bring down inflation to the levels that they find acceptable. And they’re using the transmission mechanism of the market to make that happen.

Friday also marked the last day of the month and the third quarter. For September, the S&P 500 and Dow are down more than 7% each through Thursday’s close. That would be the worst monthly performance for the Dow since March 2020 and the biggest one-month decline for the S&P 500 since June. The Nasdaq is headed for its biggest monthly loss since April, losing 9.1%.

Quarter to date, the S&P 500 and Nasdaq are headed for their first three-quarter losing streak since 2009, losing 3.8% and 2.6%, respectively. The Dow is down 5% in the third quarter and is on pace to post a third-straight losing quarter for the first time since 2015.


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