Stock futures trade lower on growth concerns
S&P 500 will hit 5,000 by end of 2022: Katz
UBS managing director and senior portfolio manager Jason Katz shares his market predictions.
U.S. equity futures traded lower Wednesday morning as selling continued due to economic concerns.
The major futures indexes suggest a decline of 0.5% when the opening bell rings.
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The pullback in stocks to start the week came as traders returned from the Labor Day holiday to a relatively light week of economic data. The last big economic snapshot, the August jobs report, came in weaker than expected last Friday.
|I:DJI||DOW JONES AVERAGES||35100||-269.09||-0.76%|
|I:COMP||NASDAQ COMPOSITE INDEX||15374.32749||+10.81||+0.07%|
The S&P 500 fell 15.40 points to 4,520.03. The Dow Jones Industrial Average dropped 269.09 points to 35,100, while the technology-heavy Nasdaq composite rose 0.1% to 15,374.33, it's fourth consecutive record high.
On Wednesday, the Labor Department will report job openings for July. The jobs market is still struggling to recover from the pandemic and employers have been finding it difficult to fill openings amid lingering health fears and the resurgent virus could make it even more difficult.
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In the afternoon, the Federal Reserve will release its Beige Book which contains information on economic conditions in the Fed's districts.
Shares rose in Tokyo after economic growth for the April-June quarter was revised upward to an annualized 1.9% from an earlier estimate of 1.3%.
Japan's Nikkei 225 index rose 0.9%, the Hang Seng in Hong Kong shed early gains, falling 0.5% and China's Shanghai Composite index was off 0.1%.
In Europe, London's FTSE declined 0.8%, Germany's DAX fell 1.3% and France's CAC gave up 1.2%.
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In other trading, benchmark U.S. crude oil gained 29 cents to $68.63 per barrel. It lost 94 cents to $68.35 per barrel on Tuesday. Brent crude, the international standard for pricing oil, gained 20 cents to $71.89 per barrel.
The Associated Press contributed to this report.
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