Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on August 26, 2022.
Spencer Platt | Good pictures
Stock futures fell on Monday morning as investors tried to shake off a sharp decline in stocks last weekend.
Futures for the Dow Jones industrial average fell 240 points, or about 0.75%. The S&P 500 and Nasdaq 100 fell 0.92% and 1.3%, respectively.
Future moves will come later Brutal selling for Wall Street on FridayShort and blunt comments from Federal Reserve Chairman Jerome Powell in Jackson Hole, Wyoming, extinguished any hope that the central bank would reverse its aggressive rate hikes in the coming months.
The Dow fell 1,008 points, or more than 3%, for its worst day since May. The S&P 500 and Nasdaq Composite fell 3.4% and 3.9%, respectively. The decline wiped out August’s gains for all three averages.
“Investors have reduced their recent risk-on positioning again, supporting our view that it is too early to call their recent risk-on positioning too permanent, and they may now be at a worse cost,” said Rick Bensiner of Bensinner Investments. Strategies outlined in a note to clients.
Fed speeches abound this coming week, including Vice Chairman Lael Brainard on Tuesday, ahead of Friday’s August nonfarm payrolls report.