Stock futures are little changed as investors prepare for the S&P 500 to test its June low

The floor of the New York Stock Exchange is being used by traders.

The person is Michael M. Santiago.

The major averages fell to their lowests of the year on Sunday after surging interest rates and foreign currency turmoil.

S&P 500 futures were down by 12 points. The S-P 500 futures were lower.

The blue-chip index found a new low for the year on Friday and closed down by 486 points. The S&P 500 briefly fell below its June closing low. The tech heavy index lost ground.

The Federal Reserve's plan to hike rates helped investors react. The chair of the central bank said at the end of the meeting that they could raise rates as high as 4.6%. The Fed is expected to hike rates to 4.4% before the end of the year.

Edward Moya, senior market analyst at Oanda, said that a lot of traders were expecting a Fed pivot at Jackson Hole or the September policy. A hard landing is becoming the base case scenario for many and that means more economic pain along with a weakened stock market is coming.

The yield on the bond went up after the Fed raised the rate. The 2-year and 10-year rates have not been this high in a long time. Goldman lowered its year end target for the S&P 500 to 3,600 from 4,300.

It's anyone's guess how far below the summer lows we go. Markets don't seem to think that any economic data release or Fed speak will convince them that a downshift from this aggressive tightening campaign will happen soon.

The release of personal consumption expenditures data is expected on Friday. Consumer sentiment numbers and durable goods will be released this week.

Fed Vice Chair Lael Brainard is one of a number of Fed speakers this week.

Heading into the last week of the month, the S&P 500 is down about six percent, while the Nasdaq is down eight percent.

The S&P is now 1.6% above its June lows, while the DOW is 1.2% above its June lows. The index is above its lowest point.

If the S&P 500 tests its low of the year, it could mean a short-term bottom, according to Truist's chief market strategist.

The increased likelihood of breaking the June S&P 500 price low may be what it takes to invoke even deeper fear. Short-term bottoms can be caused by fear. Even if the market overshoots, snapbacks can be difficult to time.

It's not a good time to be negative with the stock market being oversold and extreme selling taking place.

He said that in August they advocated to reduce equity in the range of 400 to 400 for the S&P 500. The challenging macro environment is here to stay according to our opinion. It's not the right time to be offensive. After a large selloff has already occurred, it doesn't make sense to pile on to the negative in the short term.

The person is Tanaya Macheel.

After the major averages suffered steep losses in the previous week, stock futures opened little changed on Sunday evening.

S&P 500 futures were down by just 40 points, while the Nasdaq 100 futures were down by less than one point. After premarket trading began, futures tied to the major averages quickly fell.

The person is Tanaya Macheel.