Indicator analyst wrote a post · Jun 21, 2022 08:47

Wall Street set to bounce after S&P 500′s worst seek since 2020

Dow futures jumped 400 points, or 1.4%, on Tuesday after a terrible week of selling. S&P 500 and Nasdaq futures both bounced around 1.5% to start the holiday-shortened week. The 10-year Treasury yield on Tuesday remained off 2011 highs, nearly 3.28%, a level that’s helping take pressure off stocks. Following last week’s biggest Federal Reserve interest rate hike since 1994 to fight inflation, Fed Chairman Jerome Powell is set deliver his semiannual monetary policy report to Congress on Wednesday and Thursday.

The S&P 500′s weekly decline of 5.8% was its worst since March 2020, the month the Covid pandemic was declared, as investors worried about a recession.
The Dow closed under 30,000 again on Friday and lost 4.8% last week. That’s the weakest weekly performance for the 30-stock average since October 2020.
No superlatives for the poorly performing Nasdaq’s 4.8% weekly loss.
All three stocks benchmarks fell for three straight weeks. The S&P 500 and the Nasdaq saw weekly losses in 10 out of the past 11 sessions, both in bear markets. The Dow’s negative week was its 11th out of the past 12, in a sharp correction.

$Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$ $S&P 500 Index (.SPX.US)$ $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$

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