Dow Futures Mini Futures Market News and Commentary
The S&P 500 Index ($SPX) on Friday closed down -1.31%, the Dow Jones Industrials Index ($DOWI) closed down -1.58%, and the Nasdaq 100 Index ($IUXX) closed down -0.81%.
U.S. stock indexes on Friday settled moderately lower, with the S&P 500 dropping to a 4-week low and the Dow Jones Industrials falling to a 2-1/4 month low. Hawkish comments from St. Louis Fed President Bullard today heightened concerns the Fed may be closer to tapering QE than earlier thought. Losses in the Nasdaq 100 were contained as stock fund managers continue to rotate out of cyclical stocks and into technology stocks. Stock volatility was exacerbated by Friday’s quadruple expiration of stock index futures and options.
Bank stocks retreated Friday and weighed on the overall market. Morgan Stanley (MS) closed down more than -4% Friday, and Goldman Sachs (GS) closed down more than -3%. Also, Bank of America (BAC), JPMorgan Chase (JPM), Wells Fargo (WFC), and Fifth Third Bancorp (FITB) all closed do... Read more