Business

Stock futures drop slightly as Wall Street looks to start losing streak

Futures fell on Thursday night as Wall Street looked set for a rare positive week in a rough first half of the year.

Futures tied to the Dow Jones Industrial Average fell 99 points, or 0.3%. S&P 500 futures fell nearly 0.4%, while Nasdaq 100 futures lost 0.4%.

The moves in futures come as the stock market seems to have found some stability this week, at least in the short term. After a Thursday afternoon rallyThe S&P 500 is up 3.3% for the week, while the Nasdaq composite is up 4% and the Dow is up 2.6%.

All three moving averages are looking to fix a three-week down streak.

Economic data will be the main focus on Friday, as investors try to determine if the US economy is slipping into a recession. New home sales data will be released at 10 a.m. ET, and the final University of Michigan consumer sentiment report for June will be released later in the day.

“Recession talk remains at the heart of Wall Street and that means any stock market rally that emerges is likely to be short-lived,” the market analyst said. Oanda senior, Ed Moya said in a note. “Wall Street won’t soon have answers to questions about when inflation will peak, how soon will we see a recession, and how much will the Fed raise rates?”

Reading consumer sentiment can be especially important for investors, as Federal Reserve Chairman Jerome Powell said. unexpected drop in preliminary reading was one of the reasons the central bank raised its benchmark interest rate by three-quarters of a percentage point earlier this month.

On the corporate front, shares of FedEx edged higher in extended trading despite a mixed fourth-quarter report after the logistics company issued a positive earnings forecast. Carnival Cruise Line is scheduled to release an updated business Friday morning.

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