Traders on the floor of the NYSE, September 7, 2022.
Stock futures were mixed in overnight trading on Sunday after Wall Street wrapped up another negative quarter and the S&P 500 and Dow Jones Industrial Average ended its worst month since March 2020.
Nasdaq 100 futures fell 0.43% while S&P 500 futures fell slightly. Dow Jones Industrial Average futures rose 0.2%.
Friday ended a negative month and quarter for all major averages, with the Dow Jones falling 500.10 points, or 1.71%, to close below 29,000 for the first time since November 2020.
For the quarter, the Dow Jones fell 6.66% to post a three-quarter losing streak for the first time since the third quarter of 2015. The S&P and Nasdaq Composite fell 5.28% and 4 .11%, respectively, to end their third consecutive negative quarter. for the first time since 2009.
The Dow Jones lost 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5% respectively. All major averages also recorded their sixth negative week in Sept.
Heading into the new quarter, all sectors of the S&P 500 are at least 10% off their 52-week highs. Nine sectors ended the quarter in negative territory. Consumer discretionary was the best performer, gaining more than 4.1%.
In the fourth quarter, high inflation and a Federal Reserve determined to stop soaring prices, whatever its impact on the economy, will likely continue to weigh on markets, said Keith Lerner of Truist. However, oversold conditions also make the market vulnerable to a strong short-term rebound on good news, he added.
“I think we could be set up for some type of reprieve, but the underlying trend at this point is still a downtrend and choppy waters to continue,” Lerner said.
On the economic front, Markit PMI and ISM manufacturing data are due out on Monday, along with construction spending.