It's looking rough out there for stocks as Fed chair Powell snuffed out the latest relief rally, reaffirming that the central bank will maintain a res
It’s looking rough out there for stocks as Fed chair Powell snuffed out the latest relief rally, reaffirming that the central bank will maintain a resolute approach in tackling inflation. The close on Friday was ugly with Wall Street ending the day at the lows, with the S&P 500 falling 3.4% and the Nasdaq by 3.9%.
The selloff is continuing to today with stock futures looking rather beaten down so far. Here’s a look as we head towards Europe:
- S&P 500 futures -0.8%
- Nasdaq futures -1.1%
- Dow futures -0.6%
- Eurostoxx -0.4%
- DAX futures -0.6%
Amid the drop on Friday, the technicals are also starting to look more bearish for equities with the S&P 500 cracking below its 100-day moving average and also its 38.2 Fib retracement level support:
That could see the declines extend towards 4,000 next before investors start to turn their attention towards the US jobs report at the end of this week.
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