Tuesday, May 30, 2023
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Dow set to fall by 200 points at the open as sell-off continues


U.S. stock index futures were sharply in the red ahead of Friday’s open.

At around 3 a.m. ET, Dow futures slipped 162 points, indicating a negative open of 213.67 points. Futures on the S&P 500 were pointing to a negative open of 17.5 points, while Nasdaq futures signaled the index will open 46.5 points lower.

Stocks rebounded on Thursday after media reports that the Federal Reserve could tighten monetary policy at a slower-than-expected pace. Earlier, the session saw deep falls on the back of concerns regarding U.S.-China relations.

The Wall Street Journal reported the central bank is considering whether to signal a wait-and-see approach to rate hikes at its upcoming meeting this month. The report said Fed officials do not know what their next move on rates will be after December. As a result, The Dow Jones Industrial Average closed 79.40 points lower at 24,947.67 after plunging nearly 800 points earlier in the day.

On the data front, investors will be keeping a close watch on nonfarm payrolls, a key metric for Fed policy, due at 8.30 ET. At the same time, there will also be unemployment numbers.

In corporate news, the earnings calendar is thin, with only Vail Resorts due to report before the bell.

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