A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York, May 5, 2022.
Andrew Kelly | Reuters
Stock futures were little changed in overnight trading Thursday after the Dow Jones Industrial Average posted its worst day since 2020.
Dow Jones Industrial Average futures are mostly flat. S&P 500 futures trade near a straight line and Nasdaq 100 futures are up less than 0.1%.
The move comes after stocks suffered a sharp sell-off during Thursday’s regular trading session. The Dow lost more than 1,000 points and the tech-heavy Nasdaq Composite fell nearly 5%. Both indexes are noted Worst one-day drop since 2020. The S&P 500 fell 3.56%, its second worst day of the year.
Thursday’s losses erased the massive rally following Wednesday’s Federal Reserve meeting. Fed Chairman Jerome Powell rule out the prospect of a larger interest rate hike on Wednesday, send the S&P 500 and the Dow back Best daily gain since 2020.
“Yesterday it was more relief, more optimism, more hope… Today the markets are more real,” said Michelle Cluver, portfolio strategist at Global X ETFs. know on Thursday.
Tech stocks bear the brunt fall on Thursday, with cloud companies, e-retailers and big names seeing sharp declines.
Despite Thursday’s write-off, the S&P 500 is still on track to close the week with a 0.4% gain. The Dow is on track to end the week slightly higher, while the Nasdaq Composite is 0.1% lower this week so far.
Investors are looking forward to the April jobs report, due on Friday morning. Economists surveyed by Dow Jones expect employers to add 400,000 jobs to nonfarm payrolls, down slightly from 431,000 in March. The unemployment rate is expected to fall to 3.5% in April, down from 3.6% in March, according to Dow Jones.