Adviser Investments Portfolio Manager weighs in on ‘pessimism’ in the stock markets and how that is affecting the economy on ‘Varney & Co.’
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.
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%.
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.
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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.
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.
