Here we go again.
After a wild day of trading that saw a 1,000-point swing by the Dow, U.S. stock futures fell early Tuesday, though they already moved off their overnight lows.
What’s happening
- Futures on the Dow Jones Industrial Average YM00, -0.61% slipped 9 points to 34245
- Futures on the S&P 500 ES00, -1.16% fell 0.5% to 4382
- Futures on the Nasdaq 100 NQ00, -1.71% fell 1% to 14362
In regular trading Monday, the Dow DJIA, +0.29% gained 99.13 points, or 0.3%, to finish at 34,364.50, after being down by as much as 3.3% earlier in the day. The S&P 500 SPX, +0.28% rose 12.19 points, or 0.3%, at 4,410.13, after sinking as much as 4% and briefly falling into correction territory. The Nasdaq COMP, +0.63% advanced 86.21 points, or 0.6%, at 13,855.13, after being down nearly 5% earlier in the day.
What’s driving markets
The sharp selloff and surprise rally came amid market uncertainty stoked by rising inflation, disappointing earnings, anxiety about the Fed’s expected policy changes, fears of a Russian invasion of Ukraine and the ongoing COVID-19 pandemic.
Still, Dan Eye, chief investment officer at Fort Pitt Capital Group in Pittsburgh, told MarketWatch on Monday that the market is acting normally — it’s just that we’re not used to it after such a long bull market. “The volatility we’re seeing is normal. As the Fed pivots toward fighting inflation, we’re going to see an environment of more push-and-pull and drawdowns in the stock market than we’ve seen over the last two years,” he said.
Tuesday marks the kickoff of the Federal Open Market Committee’s two-day meeting, and also includes a number of corporate earnings reports.
