Dow Jones futures have been trading 500 points reduced on Monday hinting at a turbulent commence for US stock markets later today. US stock futures tanked just after Dow Jones Industrial, S&P 500, and the NASDAQ ended deep in red on Friday, marking the third consecutive week of losses and turning unfavorable month-to-date. Along with Dow futures, NASDAQ and S&P 500 futures have been also down with losses ahead of US Federal Reserve’s September meeting scheduled to finish on Wednesday this week. Investors will be keenly watching US Federal Reserve Chairman Jerome Powell’s address later in the week.
Indices turn unfavorable for the month
Dow Jones began the month of September at 35,360, just shy of its all-time higher of 35,631 accomplished on August 16 this year. However, on Friday’s closing the index was at 34,584, down 2.06% given that September 1 and 2.9% from the all-time higher.
S&P 500 was at 4,524 on September 1 and reached an all-time higher of 4,545 on the incredibly next day. On closing bell last week, the index has dropped 2.01% from the commence of the month and 2.48% from the all-time higher to settle at 4,432.
The technologies-heavy NASDAQ index was at 15,309 at the commence of the month, ahead of reaching an all-time higher of 15,403 on September 7. Eventually, the index moved reduced by the finish of last week to close at 15,043 points. NASDAQ Composite has slipped 1.73% from the commence of the month and 2.33% from its all-time highs.
FAANGM stocks bleed
Along with the significant US stock indices, major technologies organization stocks have also come below stress. All FAANGM stocks, except one, have plummeted. Facebook’s share price tag has taken a beating falling 4.5% from its September 1 levels to finish the preceding session at $364.72 per share. Further, Apple share price tag has also dropped 4.23% so far this month to now trade at $146 per share.
Jeff Bezos’ Amazon has fared greater than its counterparts so far this month, down just .47%. Amazon’s share price tag has risen strongly given that the finish of last month. Netflix is the only FAANGM stock to have offered positive benefits so far this month. Netflix share price tag has soared 1.25% so far in September, now trading at $589 per share.
Internet behemoth Google has also not been spared by investors as the stock tanked 3.04%, trading at $2,816 per share. Meanwhile Microsoft, in spite of the powerful up-move throughout the preceding week is nonetheless down .65% for the month.
US Federal Reserve meeting awaited
Jerome Powell and other Federal Reserve officials will meet this week and could possibly announce a tapering of its bond buying plan. Jerome Powell has currently stated that the tapering could commence this year. Investors will be eyeing additional comments from the FOMC on the identical, which may well dictate stock industry movement.