Dow Futures Shed 75 Points Ahead Of Jobless Claims Data

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Dow Futures Shed 75 Points Ahead Of Jobless Claims Data

Dow Futures Shed 75 Points Ahead Of Jobless Claims Data

During the Thursday trading session, the US stocks opened a little lower due to the poor earnings report from Micron Technology. In addition, key data from the labor market and the US GDP is also head which is weighing on the market's sentiment.

Overall, the decline in the Dow Futures was around 0.2%, while the Nasdaq 100 Futures actually gained 0.2% (2 points). Similarly, the S&P 500 Futures was also 0.2% (8 points) higher, which tells us that the Dow Futures was an outlier.

The key influence was Micron Technologies which saw a loss during its 2nd quarter. In addition, the chipmaker also announced that it would be firing 10% of its employees. According to experts, this move by Micron is an indication that the semiconductor market is going through a supply-demand mismatch.

All Major Indices Are Down On Yearly Basis

If we look at other indices, such as S&P 500, Nasdaq Composite, and Dow Jones, all of them actually gained. The S&P 500 was up by 1.5%, while the Nasdaq Composite was up by 1.5%. Similarly, the Dow Jones was also up by 1.6%, which equals to around 500 points.

Despite all of this, there's no doubt that this was a difficult year for Wall Street. On one end, we have soaring inflation, and on the other end, we have Wall Street bringing out big tools (interest rates) to combat. As a result of this collateral damage, the US economy has slowed down, which is now showing in the form of the stock market.

All the 3 major indices from the USA are set to close one of their worst years since 2008. In fact, a poor performance was not even seen when the pandemic was at its peak!

And if we look at the Fed's intention, it is all set to keep raising interest rates until it crosses the 5% mark. For many investors, this interest rate value is already higher than what they were expecting! For 2023, the prospects have already started to look dim with talks of recession all over the world!

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