Stock futures mixed after Dow, S&P 500 cap for worst month since March 2020

Traders on the NYSE floor, September 7, 2022.

Source: NYSE

Stock futures were mixed Monday morning after Wall Street posted another negative quarter and both the S&P 500 and Dow Jones Industrial Average closed down. March ended their worst month since 2020.

Nasdaq 100 futures fell 0.52%, while futures linked to the S&P 500 lost 0.14%. Dow Jones industrial average futures rose 0.07%, or 21 points.

The Dow fell 500.10 points, or 1.71%, below 29,000 for the first time since November 2020, ending a negative month and quarter for all major averages on Friday.

For the quarter, the Dow fell 6.66%, its first three-quarter loss since the third quarter of 2015. The S&P and Nasdaq Composite both fell 5.28% and 4.11%, respectively, to end their third consecutive negative quarter. For the first time since 2009.

The Dow fell 8.8% in September, while the S&P 500 and Nasdaq Composite lost 9.3% and 10.5%, respectively. All major averages posted their sixth negative week in seven.

In the new quarter, all S&P 500 sectors are sitting at least 10% off their 52-week highs. Nine sectors ended the quarter in the negative. Consumer discretionary was the best performer, gaining more than 4.1%.

In the fourth quarter, elevated inflation and the Federal Reserve’s intent to stop rising prices regardless of what that means for the economy will continue to weigh on markets, said Trust’s Keith Lerner. However, oversold conditions make the market vulnerable to a sharp short-term bounce on good news, he added.

“I think we may be set up for some kind of recovery, but the underlying trend at this point is still a downward trend and continuing waters,” Lerner said.

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On the economic front, Markit PMI and ISM manufacturing data are due out on Monday, along with construction spending.

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