Stock futures inch higher after major averages notch worst day since June

Equity futures rose slightly on Tuesday morning after stocks ended their worst day since June and Wall Street’s summer rally faded amid growing concerns over rising rates.

Futures tied to the Dow Jones Industrial Average added 25 points, or 0.08%, while S&P 500 and Nasdaq 100 futures edged up 0.05% and 0.12%, respectively.

Zoom slumped in extended trading after lowering its full-year guidance, while Palo Alto Networks surged after posting strong quarterly results.

During Monday’s regular trading session, the Dow fell 643.13 points, or 1.91%, to 33,063.61, while the S&P fell 2.14% to 4,137.99 , the worst day for both benchmarks since June 16. The Nasdaq Composite fell 2.55% to 12,381.57 to end its worst day since June 28.

Monday’s selling was broad-based, with all 11 S&P 500 sectors closing lower, led by declines in information technology and consumer discretionary stocks. A tumble in tech stocks weighed on the tech-heavy Nasdaq.

“The global growth story is in shambles right now,” said Ed Moya, senior market analyst at Oanda. “That’s what’s really weighing on risk appetite right now, because the US can’t continue to be attractive while the rest of the world is collapsing.”

That sentiment will continue to put pressure on big tech and consumer discretionary stocks, he said. Moya, echoing other investors, expects another round of hawkish reactions from Fed Chairman Jerome Powell when he speaks at the central bank’s annual economic symposium in Jackson on Friday. Hole.

Earnings season continues Tuesday with results from Macy’s, Nordstrom and Dick’s Sporting Goods. July’s new home sales will also be released, along with August’s manufacturing PMI and August’s Richmond Fed survey.

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