Dow Futures Fall as the Stock Market Struggles
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Dow Futures Fall as the Stock Market Struggles
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The economy is in a crucial, tumultuous time right now and needs our prayers. The Federal Reserve is raising interest rates to combat inflation, but that has negative economic consequences. Meanwhile, analysts say a recession could be on the horizon.
From CNBC. U.S. stocks were under pressure Thursday, putting the major averages to give up the solid gains made in the previous session.
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Futures contracts tied to the Dow Jones Industrial Average dropped 1.5%, or 460 points. S&P 500 futures were down 1.7%, while Nasdaq 100 futures shed 2.%. All three futures contracts had earlier been trading in positive territory.
The 10-year Treasury yield resumed its massive June run on Thursday, reversing higher overnight. The 10-year yield was last around 3.44% after ending May at 2.84%.
Those moves come after the Federal Reserve implemented its largest interest rate hike since 1994 on Wednesday. The Fed raised rates by 75 basis points, as was widely anticipated….
Stocks took a leg higher Wednesday after Powell said that a 50 or 75 basis point increase “seems most likely” at the next meeting in July, indicating the central bank’s commitment to fighting inflation. Powell did caution, however, that decisions will be made “meeting by meeting.”
The major averages ended the session higher, with the Dow and S&P 500 both snapping five-day losing streaks. The 30-stock benchmark added about 304 points, or 1%, while the S&P 500 advanced 1.46%. The tech-heavy Nasdaq Composite was the relative outperformer, rising 2.5%.
However, market sentiment appeared to sour once again Thursday as … investors questioned whether the Fed can pull off a soft landing….
Tech shares moved lower in premarket trading following Wednesday’s bounce, with Tesla, PayPal, Nvidia, Amazon and Netflix all down more than 3%….
Travel stocks including United, Delta and Carnival also took a leg lower.
Data out Thursday further indicated a dramatic slowdown in economic activity. Housing starts dropped 14% in May, topping the 2.6% decline expected by economists polled by Dow Jones. The Philadelphia Fed Business Index for June came in with a negative 3.3 reading, its first contraction since May 2020….
The S&P 500 and Nasdaq Composite are both in bear market territory, down roughly 21% and 32% from their all-time highs in January and November, respectively. The Dow, meantime, is 17% below its Jan. 5 all-time intraday high….
How are you praying for our economy? Share your thoughts and prayers below.
(Excerpt from CNBC. Photo Credit: Paul-Alain Hunt on Unsplash)
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Exodus 18:19-21 Now listen to me; I will give you some advice, and may God be with you. You must be the people’s representative before God and bring their causes to Him. Teach them the statutes and laws, and show them the way to live and the work they must do. Furthermore, select capable men from among the people—God-fearing, trustworthy men who are averse to dishonest gain. Appoint them over the people as leaders of thousands, of hundreds, of fifties, and of tens.
Matthew 20:25-28 But Jesus called them to Him and said, “You know that the rulers of the Gentiles lord it over them, and their great ones exercise authority over them. It shall not be so among you. But whoever would be great among you must be your servant, and whoever would be first among you must be your slave, even as the Son of Man came not to be served but to serve, and to give His life as a ransom for many.”
Psalm 90:17May the favor of the Lord our God rest upon us; establish for us the work of our hands—yes, establish the work of our hands!
1 Corinthians 3:7 So neither he who plants nor he who waters is anything, but only God, who makes things grow.
Dear Heavenly Father, our leaders lord over us exercising unrighteous authority. You expect better. I am asking for just leaders. I pray it would please You to raise up men and women who fear Your Name: men and women who apply the law to their plans and decisions, men and women who are trustworthy and averse to dishonest gain, men and women who desire to serve, not to be served. So many are praying for a righteous rebellion Father. So many are praying for an end to legislated evil. I pray You will rise up above our nation and establish the works of our hands. May our seeds of prayer be nourished into an abundant harvest, for Your Glory and our good. I love You Father. I love You Jesus. I love You Holy. Spirit. Amen