Futures edge lower after Wall Street's two-day rally
Reuters
Published Sep 24, 2021 13:28
By Devik Jain
(Reuters) - U.S. stock index futures edged lower on Friday, led by banking and technology shares following a sharp rally in the past two days after the Federal Reserve kept its policy stance largely in line with market expectations.
Big banks including JPMorgan (NYSE:JPM), Citigroup (NYSE:C), Morgan Stanley (NYSE:MS) and Bank of America Corp (NYSE:BAC) slipped about 0.5%, while oil majors Exxon Mobil (NYSE:XOM) and Chevron Corp (NYSE:CVX) were down 0.4% and 0.3%, respectively, in premarket trading.
The banking sub index and the S&P energy sector have gained nearly 2.5% and 3.8% so far this week.
Fears about a sooner-than-expected tapering amid signs of stalling U.S. economic growth and concerns over a spillover from China Evergrande's default have rattled investors in September, putting the benchmark S&P 500 index on course to snap a seven-month winning streak.
On Wednesday, the Fed signaled it would reduce its monthly bond purchases as soon as November and that interest rates could rise quicker than expected. Still, Wall Street's main indexes rallied in the past two session and are set for small weekly gains.
At 6:25 a.m. ET, Dow e-minis were down 65 points, or 0.19%, S&P 500 e-minis were down 12.5 points, or 0.28%, and Nasdaq 100 e-minis were down 64.5 points, or 0.42%.
Mega-cap growth names Alphabet (NASDAQ:GOOGL) Inc, Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), Facebook Inc (NASDAQ:FB) and Apple Inc (NASDAQ:AAPL) fell between 0.5% and 0.6%.
Get The App
Nike Inc (NYSE:NKE) shed 4.6% after the sportswear maker cut its fiscal 2022 sales expectations and warned of delays during the holiday shopping season.
Shares of cryptocurrency-related firms Coinbase (NASDAQ:COIN) Global, MicroStrategy Inc, Riot Blockchain (NASDAQ:RIOT) and Marathon Patent Group slid between 3% and 6.1% after China's central bank vowed to crack down on cryptocurrency trading.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.