October 4, 2022

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Stock futures drop as Wall Street’s rally appears to be taking a breather after Dow’s 5-day winning streak.

Stock futures drop as Wall Street's rally appears to be taking a breather after Dow's 5-day winning streak.

Stock futures fell on Wednesday as the rally that has driven stock prices higher since mid-June looks set for a respite.

Futures linked to the Dow Jones Industrial Average were down 232 points, or 0.68%. S&P 500 and Nasdaq 100 futures declined 0.92% and 1.05%, respectively.

The Dow Jones posted its fifth consecutive day of gains on Tuesday. Meanwhile, the S&P 500 is heading for its fifth consecutive positive week as investors continue to gauge the strength of the rally. The broad market index is now up 18% from its June lows.

At the same time, there is still more market uncertainty as the Federal Reserve plans to continue raising interest rates and shrink the size of its balance sheet.

“We will caution investors not to pursue this rally,” Mark Heffel, chief investment officer at UBS Global Wealth Management, said in a note to clients on Wednesday. “We anticipate renewed market volatility going forward, and continue to recommend portfolio positions for flexibility under various scenarios.”

Data released Wednesday showed that retail sales remained unchanged in July.

On Wednesday, traders continued to comb corporate earnings from the retail sector. Walmart and Home Depot reported Tuesday, while Louise and Target reported earnings Wednesday morning.

Wall Street is also looking forward to the release of the minutes of the latest Federal Reserve meeting.

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