Stocks slipped on Wednesday ahead of a summit of top central bankers where investors will closely watch for clues about how high the Federal Reserve will raise interest rates.
Futures for the
Dow Jones Industrial Average
retreated 30 points, or 0.1%, after the index fell 491 points on Tuesday to close at 30,946.
futures signaled a start 0.2% into the red with the tech stock-heavy
poised to open 0.3% lower; the S&P 500 and Nasdaq retreated 2% and 3% on Tuesday, respectively.
Overseas, the pan-European
lost 1.3% and Hong Kong’s
Hang Seng Index
tumbled 1.9% as Asian bourses followed Wall Street’s downbeat performance in the last session.
A stock market rally last week, which saw the S&P 500 notch its best day since 2020, has lost steam. Stocks gave up gains on Tuesday to suffer their worst day in two weeks as investors soured on downbeat signals from the consumer confidence index.
“The S&P 500 was up 1.2% at the high of the day but closed down 2%. This was a clear rejection of the bear market rally. Futures are back to where they were before last Friday’s rally,” said Neil Wilson, an analyst at broker Markets.com.
Markets remain under pressure amid expectations that the Fed will move more aggressively to fight multidecade high inflation by hiking interest rates—a pathway of tighter monetary…
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