Dow futures slide nearly 200 points after Nasdaq falls into a correction: Live updates

Dow futures slide nearly 200 points after Nasdaq falls into a correction: Live updates


Traders work on the floor of the New York Stock Exchange during afternoon trading on August 02, 2024 in New York City. 

Michael M. Santiago | Getty Images

U.S. stock futures fell Sunday night following a volatile week for Wall Street, in which the Nasdaq Composite dropped into correction territory.

Dow Jones Industrial Average futures fell by 171 points, or 0.4%. S&P 500 futures and Nasdaq-100 futures dipped 0.7% and 1.1%, respectively.

Wall Street is coming off a brutal week for the major averages. On Friday, the Nasdaq capped a third straight week of losses, bringing the tech-heavy index down more than 10% from a record set last month.

The S&P 500 also posted a third straight losing week, down 2% for the week. Even the Dow Jones Industrial Average, which had been outperforming, snapped a four-week win streak, falling 2%.

Treasury yields tumbled as well. The benchmark 10-year note on Friday yielded 3.79%, down from where it was one week previously at 4.20%.

The recent pullback in stocks was exacerbated Friday when a disappointing jobs report spurred investor fears the Federal Reserve made a mistake last week when it kept interest rates unchanged, and that the economy is headed toward a recession.

Investors will now watch to see if this move lower can continue. The S&P 500 is 5.7% below its all-time high. The Dow, off by 3.9%.

“I think we’re in that corrective period, but we still think the bull market trend is intact,” Keith Lerner, co-chief investment officer at Truist Wealth, told CNBC’s “Closing Bell” on Friday. “It’s just going to take a little bit to get through this kind of choppier period.”

Apple will also be closely watched when the market opens Monday after Warren Buffett’s Berkshire Hathaway dumped nearly half of its stake in the iPhone maker.

Economic data due out Monday include the July ISM Services PMI, a measure of the performance of U.S. services companies that’s set to show a rise to 50.9, up from 48.8 previously.

Investors may glean some insight into how the Fed may proceed with interest rates in the coming week. San Francisco Fed President Mary Daly will be speaking at the Hawaii Executive Collaborative after the close Monday.



Source

Ray Dalio says a risky AI market bubble is forming, but may not pop until the Fed tightens
World

Ray Dalio says a risky AI market bubble is forming, but may not pop until the Fed tightens

Bridgewater Associates founder Ray Dalio on Tuesday warned that a bubble could be forming around megacap technology in the U.S. amid the artificial intelligence boom, but said that it may not end until the Federal Reserve reverses its current easy policies. “There’s a lot of bubble stuff going on,” Dalio told CNBC’s Sara Eisen in […]

Read More
Nvidia takes  billion stake in Nokia, sending the 5G equipment maker’s shares up 18%
World

Nvidia takes $1 billion stake in Nokia, sending the 5G equipment maker’s shares up 18%

Visitors at Nokia (Nokia is a Finnish telecom, IT, and electronics company) Pavilion during the India Mobile Congress 2025 exhibition at Yashobhoomi. Pradeep Gaur | SOPA Images | Lightrocket | Getty Images Nokia announced on Tuesday that Nvidia is taking a $1 billion stake in the networking company, the latest partnership for the artificial intelligence […]

Read More
Apple, Microsoft cross  trillion market cap
World

Apple, Microsoft cross $4 trillion market cap

Apple CEO Tim Cook, left, and Microsoft CEO Satya Nadella. Reuters Apple and Microsoft shares rose on Tuesday, pushing the companies over a market cap of $4 trillion. Both companies are still behind Nvidia, which is the world’s most valuable company with a market cap of over $4.6 trillion. Microsoft previously hit the $4 trillion […]

Read More