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As the markets come out of a tumultuous week and traders look ahead to key reports that can offer insights into the health of the economy, stock futures are lower.
The futures connected to the stock market's benchmark fell. The S&P 500 futures fell 0.7% to 3,626.25 points.
Four of the world's largest banks will report on Friday, and market watchers generally consider the week ahead to be the beginning of earnings season. Domino's is one of the companies that are reporting next week.
The consumer price index data will be released Thursday morning.
Market participants have been whiplash recently. The first half of the year brought a relief rally that pushed the S&P 500 up more than 5% in two days.
But jobs data that economists say will keep the Federal Reserve on a path to continue raising interest rates and the decision of the Organization of the Petroleum Exporting Countries to cut oil supply rattled investors. The S&P was up 1.5% compared to where it started the week. The indices were both up by 0.7%.
It was the first positive week in the last four. The Nasdaq is less than 1% away from its 52 week low.
The 2-year Treasury yield closed at 4.316%. A basis point is a percentage.
The direction of the stock market is likely to be lower because either the economy is going to slow meaningfully or the Fed is going to have to raise rates even higher and keep them higher for longer.
He said that it was prudent to begin preparing for a recession. The narrative-du-jour of a shallow recession is eerily similar to the narrative of last year.
Levi's became the latest company to cut guidance due to sliding international sales, raising concerns that corporate earnings will show the ugly side of a surging dollar.
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