U.S. stock futures climb after China rate cut, as Dow faces worst weekly losing streak in history

 

The S&P 500 is still on the verge of a bear market

The futures of the US stock index hit Wall Street's rise on Friday, with feelings of lower China's significant borrowing rate, but investors still face some weekly losses.

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How is stock-index futures trading?

The S&P 500 futures ES00 rose by 37 points, or about 1%, to 3,935.25

Dow Jones Industrial Average futures YM00 exceeded 246 points, or 0.7%, to 31,444

The Nasdaq 100 futures NQ00 increased by 151 points, or 1.2%, to 12,030

On Thursday, the Dow industry and the S&P 500 booked their lowest closure since March 2021, according to Dow Jones Market Data. The Dow DJIA dropped by 236.94 points, or 0.8%, to 31,253.13, after earning 300 points at one point. The S&P 500 SPX fell 0.6% to 3,900.79, while the Nasdaq Composite COMP fell 0.3% to 11,388.50.

Wednesday’s surprise sale marked the worst day for the Dow and S&P 500 from June 2020.

What drives the markets?

The futures of the Wall Street stock index took its index from the strong Asian session, where Hong Kong Hang Seng HK: HSI made 2.9% and China CSI 300 XX: 000300 gained 1.9%.

The People's Bank of China on Friday reduced its five-year mortgage rate, which aims to curb weak housing sales by reducing mortgage lending. The country has been battling the COVID outbreak, and the closure of industrial estates such as Shanghai on suspicion of weak factory data and consumer activity in April.

“News from China and a successful S&P 500 test to hold support are ready to pull the trigger to the danger zone. We repeat; at the moment, we think the market is down, ”Peter Cardillo, chief economist at Spartan Capital, told clients in a letter.

The S&P 500 ended its approach to the bear market on Thursday as the Russian-Ukrainian war, China's decline, high inflation and rising interest rates have raised concerns about business profits and economic growth.

Down by 3% or more by one, the major U.S. stock indexes they may face another week of loss. The Dow industry is set for its eighth loss, marking its longest series in history.

The S&P 500 and Nasdaq are ready for the worst losses since June 2011 and November, 2012, respectively. The losses came amid concerns that rising inflation could be controlled by the Federal Reserve without hurting the economy.

Major retailers this week, such as Walmart WMT and Target TGT reported disappointing profits, against the background of rising costs and inflation.

The US data calendar is empty on Friday, but next week will bring another round of inflation data, prices for personal expenses other than food and energy.

Which companies are focused on

Shares of Ross Stores Inc. ROST decreased by 27% after the retailer became the latest to report disappointing quarterly results and reduced its outlook, blaming inflation and rising commodity costs.

Shares of Deere & Co. DE decreased by 2.4% after the agro-construction, forestry and forestry maker reported a higher second-quarter profit than expected.

Applied Materials Inc. AMAT stocks fell 1.3% after chip equipment maker reported losses on revenue, revenue and forecasts amid ongoing supply chain problems.

What about other trades?

Treasury yield for 10 years BX: TMUBMUSD10Y increased 1 point point to 2.861%. Prices and mortgage rates go hand in hand.

ICE U.S. Dollar Index DXY up 0.1%

Bitcoin BTCUSD rose 0.2% to $ 30,079.

The future of oil has increased, the U.S. benchmark up 0.1% to $ 109.97 a barrel. The future of the gold GC00 was high with a low of $ 1,842.50 an ounce.

Stoxx Europe 600 XX: SXXP is up 1.5%, while the London FTSE 100 UK: UKX is up 1.8%.