Market Updates
Stocks in Holding Pattern With Fed Meeting On Wednesday
Barry Adams
02 May, 2022
New York City
Futures of U.S. stock indexes show weak opening as investors focus on latest batch of earnings and investors reprice asset prices with economic recession in view.
The S&P 500 index declined 3.6% and the Nasdaq Composite index fell 4.2% in Friday's trading.
Both leading indexes closed at their 2022 lows.
The Fed was also in focus ahead of Wednesday's policy meeting and the Fed is expected to release its plan to lower $9 trillion government bond and mortgage securities.
March construction spending data is scheduled to be released today at 10:00 a.m. ET and economists are accepting 0.8% increase.
China growth worries also dominated early market sentiment with several large and mid-size cities are in either lockdown or stringent controls.
On Saturday, China reported a sharp fall in economic activities as measured by the Purchasing Managers' index. Factory orders, inventories, and service activities showed large declines in April.
In Europe, the DAX index in Germany fell 0.7% and CAC 40 index declined 1.4% after the eurozone manufacturing activities rose at the slowest pace in April in a year.
The Purchasing Managers' Index declined to 55.5 in April from 56.5 in March on supply shortages and producers passed on higher prices to consumers.
In Asian markets, the Nikkei index declined 0.1% in April and factory activities expanded at a slower rate from the previous month in April.
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