Stock futures were up slightly on Thursday evening after a sharp sell-off sent the S&P 500 to a new 2022 low.
S&P 500 futures rose 0.26%. Dow Jones Industrial Average futures rose 0.17%. Nasdaq 100 futures rose 0.14%.
The 2022 sell-off resumed in full force during regular trading on Thursday as investors weighed concerns about the Federal Reserve’s future rate hike decisions and the impact on the market.
Apple led Thursday’s decline, closing down 4.9%, as the tech giant faced reports of declining demand for its new products, specifically the iPhone 14 series. Bank of America also lowered the rating of the tech giant, which pressured the shares.
In late regular trading Thursday, the S&P 500 fell 2.1% to 3,640.47. The Dow fell 1.54% to 29,225.61, while the Nasdaq Composite fell 2.84% to 10,737.51.
The major indices are also on track to finish the week – and September – firmly in the red. The S&P 500 is down 1.4% for the week, while the Dow and Nasdaq are each down 1.2%. In September, the S&P 500 is down 7.9% and the Dow is down 7.2%. The Nasdaq is on track for a 9.1% loss for the month.
“The market stinks,” said Jamie Cox, managing partner at Harris Financial Group. “But that’s basically what the Fed wants: to tighten financial conditions, and they think that will help reduce inflation to levels they think are acceptable. And they use the market transmission mechanism to do that.”
Nike shares fell in after-hours trading after the company reported that sales rose, but supply chain and inventory issues hampered fiscal first-quarter results. Meanwhile, shares of Amylyx Pharmaceuticals rose after the Food and Drug Administration approved its drug for Lou Gehrig’s disease.
On the economic side, investors will be watching personal income and spending and consumer spending on Friday morning. The Federal Reserve’s preferred measure of inflation, the PCE deflator, is also due in August.