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U.S. equity futures were pointing to further selling on concerns over when the Federal Reserve will begin to unwind its support measures for the economy.
The major futures indexes suggested a decline of 0.9% – or more than 300 Dow points.
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Investors digested minutes from the Fed’s latest policy meeting, which suggested the central bank could begin tapering its asset purchases this year.
Stocks fell broadly on Wall Street on Wednesday. The benchmark S&P 500 shed 1.1% to 4,400.27 in its biggest decline since mid-July. The Dow Jones Industrial Average fell 1.1% to 34,960.69. The Nasdaq composite lost 0.9% to 14,525.91.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34960.69 | -382.59 | -1.08% |
| SP500 | S&P 500 | 4400.27 | -47.81 | -1.07% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14525.914112 | -130.27 | -0.89% |
On Wednesday’s economic calendar, the Labor Department will report new claims for unemployment benefits for last week. Expectations are for 363,000. That’s down from 375,000 the prior week and would be the lowest since March 14, 2020.
The Philadelphia Federal Reserve will release its index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware. It’s expected to rise more than a point this month to 23.0.
The Conference Board will release the Leading Economic index for July. Watch for a 0.8% month-over-month rise, roughly in line with June’s 0.7% increase.
More retail earnings are on tap with results coming from Macy’s, Kohls, BJ’s Wholesale Club and Petco Health.
Robinhood is bracing for a slowdown despite reporting strong second quarter revenue on Wednesday.
ROBINHOOD SIGNALS TRADING SLOWDOWN DESPITE STRONG SECOND QUARTER REVENUE BOOSTED BY CRYPTO
The commission-free trading app, which rose to popularity earlier this year as a result of the trading frenzy surrounding meme stocks like GameStop and AMC, posted a net loss of $502 million, or $2.16 per diluted share. Total net revenues surged 131%. Shares are down more than 12% in premarket trading.
In Europe, London’s FTSE declined 2.2%, Germany’s DAX fell 1.8% and France’s CAC dropped 2.8%.
In Asia, Tokyo’s Nikkei 225 slipped 1.1% following the report that Toyota Motor will reduce its global production for September by 40% from its previous plan as the global chip shortage affects supply chains, according to the Nikkei.
Hong Kong’s Hang Seng was down 2.1% and China’s Shanghai Composite Index gave up 0.6%.
Chinese tech stocks tumbled on fears of tighter regulation. E-commerce giant Alibaba Group shares in Hong Kong sank 5%. Internet search giant Baidu Inc. fell 1.7%, while games and social media giant Tencent Holding Ltd. lost 1.8%.
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In energy markets, benchmark U.S. crude fell $2.18 to $63.28 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price standard for international oils, shed $1.93 to $66.30 per barrel in London.
The Associated Press contributed to this report.
