Stock futures are flat as S&P 500 tracks for worst first half of the year since 1970

As the S&P 500 prepares to wrap its worst first half in decades, US stock index futures were little changed.

The futures contracts tied to the Industrial Average increased in value. The S&P 500 futures were higher.

The first positive day in three was the reason for the 82 point increase in the DOW. The S&P 500 declined for a third day in a row, falling 0.07%.

The S&P 500 is on track for its worst three-month period since the first quarter of 2020. The last three months have been the worst for the tech-laden index since 2008.

The S&P 500 is on track for its worst first half of the year in over forty years.

As the year began, investors were concerned about inflation, the pivot in Fed policy, and historically pricey equity valuations.

The combination of China and Russia's invasions of Ukraine has increased the risk of a global recession with investors becoming more concerned about it.

The Federal Reserve has taken aggressive action to try and bring down rampant inflation.

If current economic conditions persist, the president of the Federal Reserve Bank of Cleveland supports a 75 basis point hike in July. The Fed raised its benchmark interest rate by three quarters of a percentage point in June.

Wall Street watchers are concerned that too aggressive action will cause the economy to go into a recession.

We don't think the stock market has bottomed yet. George Ball said that investors should have high levels of cash.

The Federal Reserve's aggressive inflation-fighting measures are likely to depress corporate earnings and push the S&P 500 lower.

The major averages are on track to lose money. The index is on track for a third month of decline. Growth oriented areas of the market have been hit harder by investors than the tech-laden index. Future profits are less attractive due to rising rates.

The index is close to its all-time low. This year, some of the largest technology companies have seen steep declines. Apple and Alphabet have lost a lot of money.

Unemployment claims will be in the spotlight Thursday. 230,000 people are expected to file their first time. Data on personal income and spending will be released.

Before the opening bell and after the market closes, Walgreens Boots Alliance and Constellation Brands will post quarterly updates.