After the S&P 500's worst day since October, stock futures fell slightly in overnight trading, as investors remained on edge about surging oil prices and slowing economic growth.
The futures on the Industrial Average were down. The S&P 500 futures were traded lower.
The overnight action came after a steep sell-off on Wall Street where the S&P 500 dropped nearly 3% for its biggest one-day decline in more than a year. The blue-chip index plummeted almost 800 points for its fifth negative session in six, while the tech-laden index fell into bear market territory, down 20% from its record high.
Vital Knowledge's founder said in a note that sentiment is palpably negative.
U.S. crude hit a 13-year high of $130 a barrel. The highest settle since September 2008 was for the WTI futures, which settled at $119.40 on Monday. The international benchmark,Brent crude, reached a high of $139.13 at one point overnight before settling at $123.21 per barrel, its highest since July 2008.
The investors continued to watch developments. Russia is trying to manipulate the cease-fire by only allowing Ukrainian civilians to leave.
The US and its allies are considering a ban on Russian oil and natural gas imports, according to Secretary of State Antony Blinken.
There seems to be no evidence of improvement in Ukraine and the rhetoric out of DC continues to get more aggressive.
Dick's Sporting Goods is expected to report earnings on Tuesday.
All Rights Reserved © 2024
