U.S. stock futures plummeted on Sunday night following a halt in the summer rally last week, as fears of aggressive interest rate increases returned to Wall Street.
Dow Jones Industrial Average futures plummeted by 94 points, or 0.28%. S&P 500 and Nasdaq 100 futures slipped 0.36% and 0.69%, respectively.
On Friday, the S&P 500 closed down 1.29%. The Dow Jones Industrial Average dipped 292 points, or 0.86%, and the Nasdaq Composite dropped 2.01%.
The price plummets come ahead of what could potentially be a volatile week of trading on Wall Street. Investors are anticipating Fed Chairman Jerome Powell’s latest comments on inflation at the central bank’s annual Jackson Hole economic symposium.
“We’ve written a couple of times recently about wait-and-see trading ahead of key events/releases… and how that can set the stage for greater volatility around the events themselves, and we may see a bit of that play out next week as investors await the symposium,” read a Friday note from Susquehanna’s Christopher Jacobson.
