July 12, 2024

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Stock futures rallied after the S&P 500 plunged to its lowest level in more than a year

US stock futures rose Monday night after the S&P 500 plunged to its lowest level in more than a year.

Dow Jones Industrial Average futures rose 92 points, or 0.3%. S&P 500 and Nasdaq 100 futures rose 0.3% and 0.4%, respectively. Shares of AMC and Novavax moved hours after the appearance of their latest quarterly reports.

Earlier in the day, the S&P 500 fell below the 4000 level, or its lowest level at 3,975.48, marking the weakest point in the index since March 2021. The broad market index is down 17% from its 52-week high as Wall continues Street difficulty searching. Bottomed after losses last week.

The Dow Jones Industrial Average is down 1.99%, down more than 12% from its 52-week high. The S&P 500 fell 3.2%. The heavy Nasdaq Composite lost 4.29%, down more than 27% from 52-week highs.

These moves came as inflation fears continued to hit the markets from all sides. Tech stocks in particular have been hit. Meta Platforms and Alphabet stocks fell 3.7% and 2.8%, respectively. Tesla shares are down more than 9%.

“Sentiment has been very bearish over the past few months, if not certainly the last few weeks, and the inability to go up… tells you everything you need to know about the current market situation, which means that the bears are bearish,” said Adam Sarhan, founder and CEO of 50 Park Investments. “.

Meanwhile, the yield on the benchmark 10-year Treasury bond rose to its highest level since late 2018, surpassing 3%.

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In the aftermath of Monday’s trading hours, AMC’s share price jumped 4% after the entertainment company mentioned “The strongest first quarter in two whole years” as consumers returned to movie theaters.

NovavaxShares fell 10% in extended trading after the biotech company missed earnings expectations despite also reporting its first profitable quarter.

Interactive Peloton Fox is due to announce its earnings on Tuesday before the bell. Queen PieceAnd roblox gameAnd RealReal And Allbirds It is expected to report earnings on Tuesday after the market closes.