New York City, U.S. – Stock futures took a hit on Sunday evening, mirroring the struggles faced by Wall Street during the previous trading week.
The S&P 500 futures retreated by 0.5%, while Nasdaq-100 futures saw a decline of 0.6%. The Dow Jones Industrial Average futures also dropped by 0.5%, translating to a decrease of 186 points.
This downward trend follows a series of weekly declines within the last month, with each of the three major averages experiencing a third consecutive week of losses. Despite a slight increase in the S&P 500 at the end of Thursday’s session, the index closed the holiday-shortened week 1.5% lower. The Dow Jones Industrial Average and Nasdaq Composite also ended the week with over a 2% decrease.
UnitedHealth shares took a nosedive on Thursday, plummeting over 22% following the insurer’s downward revision of its full-year forecast and disappointing quarterly results. In addition, Nvidia shares contributed to the market pressure with a nearly 3% decrease on Thursday, adding to their 7% fall from the previous session. The chipmaker announced a significant charge due to restrictions on exporting its H20 graphics processing units to certain countries.
Concerns about President Donald Trump’s tariffs remained high, as Chicago Federal Reserve President Austan Goolsbee warned about potential adverse effects on U.S. economic activity. Federal Reserve Chair Jerome Powell also expressed worry about the impact of the tariffs on inflation and economic growth.
Despite the ongoing uncertainty, some experts on Wall Street believe that the worst may be behind us. Mike Dickson of Horizon Investments suggested that although volatility may persist, the extreme market swings witnessed in recent weeks might start to diminish.
Investors are now looking towards a crucial earnings week, with more than 100 S&P 500 companies scheduled to report their earnings. Among them are major players like Alphabet, Tesla, and Boeing, whose performance will be closely monitored by market participants.