Benzinga - The index futures point to another down day on Wall Street on Wednesday ahead of key catalysts coming on Friday and early next week.
Stocks pulled back yet again on Tuesday as worries concerning the economy's health and a rising rate environment triggered a sell-off.
The S&P 500 Index and the Nasdaq Composite Index settled at a one-month low, while the Dow Industrials closed at its lowest since Nov. 17. Most sectors moved to the downside, led by technology, communications and energy stocks. Meanwhile, utility stocks gained ground in the session.
| Nasdaq Composite | -2.00% | 11,014.89 | |
| S&P 500 Index | -1.44% | 3,941.26 | |
| Dow Industrials | -1.03% | 33,596.34 |
"If the FOMC statement mentions dovish words like parity or neutral, the stock market could stage a massive relief rally. But the FOMC never fights market rates, so I remain in the camp that December will be the Fed's last key interest rate hike," he added.
Here's a peek into index futures trading:
| Nasdaq 100 Futures | -0.36% | |
| S&P 500 Futures | -0.28% | |
| Dow Futures | -0.18% | |
| R2K Futures | -0.50% |
On the economic front, the Mortgage Bankers Association is scheduled to release its mortgage applications volume data for the week ended Dec. 2 at 7 a.m. EST. In the previous week, the measure fell 0.8% week-over-week.
The Labor Department is scheduled to release its final third-quarter productivity and costs report at 8:30 a.m. EST.
The Energy Information Administration is set to release its weekly crude oil inventories report at 10:30 a.m. EST.
At 3 p.m. EST, the Federal Reserve will release its consumer credit report for October.
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Stocks In Focus:
- Apple (NASDAQ:AAPL), Inc. (NASDAQ: AAPL) moved down about 0.75% in premarket trading after one of its suppliers hinted at a demand slowdown for iPhones.
- Tesla, Inc. (NASDAQ: TSLA (NASDAQ:TSLA)) fell over 1.75%, signaling a third straight session of decline. The company announced an additional discount for Chinese customers.
- MongoDB, Inc. (NASDAQ: MDB) climbed about 27% in reaction to its third-quarter results released after the close.
- Pinterest (NYSE:PINS), Inc. (NYSE: PINS) gained close to 2% after the social media platform reached a truce with activist investors Paul Singer-led Elliott Management.
- Chinese e-commerce stocks Alibaba (NYSE:BABA) Group Holding Limited (NYSE: BABA), JD.com, Inc. (NASDAQ: JD), Bilibili, Inc. (NASDAQ: BILI) moved to the downside following recent gains achieved on the back of COVID-19 easing news in China.
- United Natural Foods, Inc. (NYSE: UNFI) and Campbell Soup Company (NYSE: NYSE:CPB) are among the notable companies reporting earnings ahead of the market open.
Crude oil futures were down for a fourth straight session, with a barrel of WTI-grade crude oil trading down over 1% at $73.38. The weakness in black gold can be traced back to worries concerning tempered demand amid weakening economic growth.
The global markets followed Wall Street lower, with the Asia-Pacific markets ending uniformly lower. European stocks traded moderately lower in late-morning deals.
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