Stock Futures Rise After S&P 500’s Worst Week of 2023: Live Updates

by Jennifer

U.S. stock futures were up on Monday morning following a challenging week for equities. S&P 500 futures increased by 0.37%, Nasdaq 100 futures rose 0.53%, and Dow Jones Industrial Average futures gained 117 points, or 0.29%.

Last week saw significant declines, with the S&P 500 falling 4.3%, marking its worst weekly performance since March 2023. The Nasdaq Composite dropped 5.8%, its steepest weekly loss since 2022, while the Dow fell 2.9%. These losses followed a disappointing August jobs report, which showed nonfarm payrolls increased by only 142,000—below the anticipated 161,000. However, the unemployment rate decreased to 4.2%, aligning with expectations.

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Investors will focus on two crucial inflation reports this week: August’s consumer price index (CPI) and producer price index (PPI), scheduled for release on Wednesday and Thursday, respectively. Current market expectations suggest a 71% probability of a 25-basis-point rate cut by the Federal Reserve at its next meeting, with a 29% chance of a 50-basis-point cut. StoneX’s Vincent Deluard noted that even weaker-than-expected inflation data might not prompt a larger rate cut, stating, “CPI will likely meet expectations, and PPI isn’t as critical.”

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In European markets, stocks opened higher, with the pan-European Stoxx 600 index rising by 0.47%. All major sectors and indices saw gains, with technology leading at 1.43% and travel and leisure stocks up 1.18%.

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