Dow futures drop nearly 200 points as Friday’s defeat on Wall Street looks set to continue

Traders work on the floor of the New York Stock Exchange (NYSE) on August 26, 2022 in New York City.

Spencer Platt | Getty Images

Stock futures fell on Monday morning as investors tried to shake off the sharp decline in stocks at the end of last week.

Dow Jones Industrial Average futures fell 240 points, or about 0.75%. Those of the S&P 500 and Nasdaq 100 were down 0.92% and 1.3%, respectively.

Movements in futures contracts come after a Brutal sell-off on Wall Street on FridayWhen Fed Chairman Jerome Powell’s short, blunt remarks appeared in Jackson Hole, Wyoming, hopes of the central bank to change its aggressive course to raise interest rates in the coming months were dashed.

The Dow fell 1,008 points, or just over 3%, on its worst day since May. The S&P 500 and Nasdaq Composite are down 3.4% and 3.9%, respectively, on their worst days since June. The decline erased August gains for all three averages.

“Investors have again underestimated their recent risk-taking position, which supports our view that it is too early to call their recent risk appetite a more permanent position, and now one of them is likely to have cost them too much,” Bensignor Investment’s Rick Bensignor said. Strategies in a note to clients.

Next week brings more Fed speeches, including Vice President Lyle Brainard on Tuesday, ahead of the August non-farm payrolls report on Friday.

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