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Home News Stock Futures Slip as Dow Records Second Consecutive Decline

Stock Futures Slip as Dow Records Second Consecutive Decline

by Barbara

Stock futures experienced a downturn Wednesday morning following the Dow Jones Industrial Average’s consecutive decline at the beginning of the new quarter.

Dow futures slipped by 396 points, marking a 1% decrease. Similarly, S&P 500 futures saw a decline of 0.72%, while Nasdaq 100 futures dipped by 0.2%.

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This decline follows a recent session where major benchmarks faced losses due to persistent inflation concerns from the previous week and robust economic indicators, fueling worries about the Federal Reserve delaying interest rate cuts. The surge in Treasury yields, reaching levels not seen since November, and a rise in oil prices to five-month highs further contributed to market unease.

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On Tuesday, the Dow Jones Industrial Average witnessed a drop of nearly 400 points, equivalent to a 1% decrease. The S&P 500 experienced a 0.7% decline, and the Nasdaq Composite tumbled nearly 1%.

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Despite these setbacks, some market analysts maintain an optimistic outlook on equities, attributing the downturn to a natural consolidation following a robust start to the year. The S&P 500’s performance in the first quarter of the year was its strongest since 2019.

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Kristen Bitterly, global wealth head of investment solutions at Citi, expressed this sentiment on CNBC’s “Closing Bell” on Tuesday, stating, “I think it’s a little bit of a garden variety pullback.” She emphasized the fundamental strength of the market, highlighting declining inflation, anticipated Fed policy adjustments, and positive earnings trends as supportive factors for risk assets.

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Investors await further market indicators, including the ADP private payrolls report and the ISM services index, providing insights into the labor market’s health. Additionally, Federal Reserve Chair Jerome Powell and other central bank officials are scheduled to speak, offering potential insights into monetary policy decisions.

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Levi Strauss is set to release its earnings report after the market closes, adding another element to Wednesday’s market activity.

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