Stock futures were little changed after the Dow went negative for a year
Stock futures were little changed on Friday as investors tried to ride out a January rally amid worries about monetary policy and slowing earnings.
Dow Jones Industrial Average futures fell 14 points, or less than 0.1%. S&P 500 and Nasdaq-100 futures rose 0.1% and 0.3%, respectively.
Nordstrom fell more than 4% after reporting holiday sales and cutting year-end forecasts. Netflix Quarterly revenue rose 5% after posting more subscribers than expected, though it missed analysts’ estimates.
Wall Street began another down session, with the Dow and S&P 500 posting three-day losing streaks as corporate earnings and economic data pointed to a slowing economy. The Dow lost more than 252 points, or 0.76%, and is now down 0.31%. The S&P 500 lost 0.76% and the Nasdaq Composite lost 0.96%, but both indexes are positive for the year.
During the week, all three indices are on a downward trend. The Dow fell 3.67%, its worst week since September. The S&P 500 fell more than 2.5% and could post its worst weekly performance since December. The Nasdaq fell more than 2% and is on pace to snap a two-week winning streak.
“The market is focused and doesn’t know how to react between the Fed’s analysis versus the market’s prior and leading indicators,” Tim Seymour, founder and chief investment officer of Seymour Asset Management, said on CNBC’s “Fast.” Money.”
These future indicators include economic data such as retail sales and industrial production. “The market is starting to break down here,” he said.
Going forward, investors will continue to monitor corporate earnings with oilfield services known as SLB and Ally Financial. They will also be listening closely to speeches by Fed officials ahead of the central bank’s February meeting, looking for clues about the size of a potential rate hike.
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