S&P futures fall 1% as Wall Street looks ahead to Jackson Hole

Soegeefx AppsUS MarketS&P futures fall 1% as Wall Street looks ahead to Jackson Hole

U.S. stock futures fell on Monday morning following a halt in the summer rally last week, as fears of aggressive interest rate hikes returned to Wall Street.

Dow Jones Industrial Average futures fell 317 points, or by 0.95%. S&P 500 and Nasdaq 100 futures dropped 1.13% and 1.44%, respectively.

On Friday, the S&P 500 closed down 1.29%. The Dow Jones Industrial Average dropped 292 points, or 0.86%, and the Nasdaq Composite dropped 2.01%.

Those moves come ahead of what could be a volatile week of trading on Wall Street. Investors are anticipating Fed Chairman Jerome Powell’s latest comments on inflation at the central bank’s annual Jackson Hole economic symposium.

“We’ve written a couple of times recently about wait and see trading ahead of key events/releases… and how that can set the stage for greater volatility around the events themselves, and we may see a bit of that play out next week as investors await the symposium,” read a Friday note from Susquehanna’s Christopher Jacobson.

On the earnings front, traders are expecting Palo Alto Networks and Zoom Video to report results Monday after the bell.

Source: CNBC

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