Stock futures start new month to the downside

FAN Editor

U.S. equity futures traded lower Friday morning, starting the new month the same way the old month ended.

The major futures indexes suggest a decline of nearly 1% when the opening bell rings on Wall Street.

NYSE Trading

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (REUTERS/Brendan McDermid / Reuters Photos)

On Thursday, Wall Street closed out its worst quarter since the onset of the COVID-19 pandemic in early 2020. It was the worst first half since the first six months of 1970.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30775.43 -253.88 -0.82%
SP500 S&P 500 3785.38 -33.45 -0.88%
I:COMP NASDAQ COMPOSITE INDEX 11028.735703 -149.16 -1.33%

The S&P 500 fell 0.9%, its fourth consecutive drop, to 3,785.38. The benchmark index is now down 21% since it hit an all-time high at the beginning of the year. It entered a bear market earlier in June.

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The Dow Jones Industrial Average fell 0.8%, to 30,775.43. The Nasdaq slid 1.3% to 11,028.74.

Technology companies were among the biggest weights on the market, as investors continued to favor utilities and other traditional defensive stocks. Apple fell 1.8%, while Exelon rose 2.2%.

home construction

Construction workers are seen at a new building site in Silver Spring, Maryland. (REUTERS/Gary Cameron / Reuters Photos)

Reports on manufacturing activity and construction spending highlight Friday’s economic calendar.

GDP CONTRACTION DEEPENS GIVING FRESH RECESSION CLUES AMID SOARING INFLATION

Bitcoin traded around $19,000.

In energy trading, benchmark U.S. crude traded around $105 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, was at $114 a barrel.

Oil wells at sunset

Silhouette of working oil pumps on sunset background. (iStock / iStock)

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In Asia, Japan’s benchmark Nikkei 225 dropped 1.7%, and China’s Shanghai Composite slipped 0.3%. Hong Kong’s markets were closed for a holiday.

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The yield on the 10-year Treasury fell to 3.01%.

The Associated Press contributed to this report.

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