Stock futures are up slightly following Thursday’s broad sell-off

Stock futures rose slightly on Thursday evening following a sell-off that S&P500 to a new low of 2022.

S&P 500 futures rose 0.26%. Dow Jones Industrial Average futures rose 0.17%. Nasdaq 100 futures rose 0.14%.

The 2022 selloff resumed strong in regular trading on Thursday as investors weighed concerns over the Federal Reserve’s future rate-hike decisions and the impact on the market.

Apple led Thursday’s decline, closing down 4.9% as the tech giant faced reports of falling demand for its new products, particularly the iPhone 14 Series. Bank of America also downgraded the tech giant, putting pressure on stocks.

At the end of regular trading Thursday, the S&P 500 fell 2.1% to 3,640.47. The Dow fell 1.54% to 29,225.61, while the Nasdaq Composite fell 2.84% to 10,737.51.

The major indices are also on track to end the week – and September – sharply in the red. The S&P 500 is down 1.4% for the week, while the Dow Jones and Nasdaq are each down 1.2%. For September, the S&P 500 is down 7.9% and the Dow Jones down 7.2%. The Nasdaq is on track for a 9.1% loss for the month.

“The market stinks,” said Jamie Cox, managing partner of Harris Financial Group. “But that’s basically what the Fed wants: to tighten financial conditions, and they think that will help bring inflation down to levels that they think are acceptable. And they’re using the market transmission mechanism to do that. “

Nike shares fell after hours trading after the company announced that sales increased, but supply chain and inventory issues hampered bottom line in its first fiscal quarter. Meanwhile, Amylyx Pharmaceuticals‘ shares soared after the Food and Drug Administration approved its drug for Lou Gehrig’s disease.

On the economic data front, investors will be watching personal income and spending and consumer spending on Friday morning. The Federal Reserve’s preferred inflation measure, the PCE deflator, is also scheduled for August.

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