Here we go again.
After a wild day of trading that saw a 1,000-point swing by the Dow, U.S. stock futures fell sharply Monday night.
Dow Jones Industrial Average futures
YM00,
were down more that 200 points as of 10 p.m. Eastern, while S&P 500 futures
ES00,
and Nasdaq-100 futures
NQ00,
sank as well.
In regular trading Monday, the Dow
DJIA,
gained 99.13 points, or 0.3%, to finish at 34,364.50, after being down by as much as 3.3% earlier in the day. The S&P 500
SPX,
rose 12.19 points, or 0.3%, at 4,410.13, after sinking as much as 4% and briefly falling into correction territory. The Nasdaq
COMP,
advanced 86.21 points, or 0.6%, at 13,855.13, after being down nearly 5% earlier in the day.
The sharp selloff and surprise rally came amid market uncertainty stoked by rising inflation, disappointing earnings, anxiety about the Fed’s expected policy changes, fears of a Russian invasion of Ukraine and the ongoing COVID-19 pandemic.
Still, Dan Eye, chief investment officer at Fort Pitt Capital Group in Pittsburgh, told MarketWatch on Monday that the market is acting normally — it’s just that we’re not used to it after such a long bull market. “The volatility we’re seeing is normal. As the Fed pivots toward fighting inflation, we’re going to see an environment of more push-and-pull and drawdowns in the stock market than we’ve seen over the last two years,” he said.
