Stock Futures Begin the New Month on the Negative Side

Stock Futures
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US equity futures were lower Friday morning, kicking off the new month in the same way the previous one ended.

When the opening bell on Wall Street rings, the major futures indexes predict a 0.3 percent drop.

On Thursday, Wall Street reported its worst quarter since the COVID-19 pandemic began in early 2020. The first half of the year was the worst since the first six months of 1970.

The S&P 500 fell 0.9 percent to 3,785.38, its fourth consecutive loss. The benchmark index is now down 21% from its all-time high at the start of the year. It entered a bear market in early June.

The Dow Jones Industrial Average dropped 0.8% to 30,775.43. The Nasdaq fell 1.3 percent to 11,028.74 points.

As investors continued to favor utilities and other traditional defensive stocks, technology companies were among the market’s biggest weights. Exelon rose 2.2 percent while Apple fell 1.8 percent.

The economic calendar for Friday is highlighted by reports on manufacturing activity and construction spending.

On the New York Mercantile Exchange, benchmark US crude traded around $105 per barrel in electronic trading. Brent crude, the international benchmark, was trading at $114 per barrel.

In Asia, Japan’s Nikkei 225 fell 1.7 percent, while China’s Shanghai Composite fell 0.3 percent. The markets in Hong Kong were closed for the holiday.

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