U.S. stock futures moved off three month lows as buyers returned following another Fed-induced sell-off.
U.S. stock futures moved off three month lows Thursday as buyers returned following another Fed-induced sell-off.
How are stock index futures trading On Wednesday, the Dow Jones Industrial Average DJIA fell 522 points, or 1.7%, to 30184, the S&P 500 SPX declined 66 points, or 1.71%, to 3790, and the Nasdaq Composite COMP dropped 205 points, or 1.79%, to 11220. The S&P 500 is down 20.5% for the year, and the Nasdaq Composite has lost 28.3% over that period.
“I wish there were a painless way to do that. There isn’t,” he added as the Fed projected it may have to raise rates as high as 4.4% by the end of the year and that unemployment may rise and the economy slow sharply. Still, S&P 500 futures reversed early session losses to enter positive territory as they approached the opening bell. However, the CBOE Vix index VIX , a measure of expected S&P 500 volatility known as Wall Street’s “fear gauge,” was hovering above 27, near its highest level since the end of June and well above the long run average of 20.
However, Krinsky stressed that though the market was continuing to to face seasonal headwinds, such conditions should improve by mid-October. “We think we test or break the June lows before then, which should set up a better entry point for a year-end rally,” he concluded.
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