U.S. stock futures fell Sunday night as Wall Street tries to recover from one of its worst weeks of 2022.
Futures tied to the Dow Jones Industrial Average dropped 176 points, or 0.6%, while S&P 500 futures slid 0.95%. Nasdaq 100 futures pulled back by 1.5%.The major averages last week posted their biggest weekly declines since late January. The Dow and S&P 500 fell 4.6% and 5.1%, respectively, while the Nasdaq Composite lost 5.6%.
A chunk of those losses came Friday, when hotter-than-expected U.S. inflation data spooked investors. The Dow dropped 880 points, or 2.7%. The S&P 500 and Nasdaq lost 2.9% and 3.5%, respectively.
The Bureau of Labor Statistics reported Friday that the U.S. consumer price index rose last month by 8.6% from a year ago, its fastest increase since December 1981. That gain topped economists’ expectations. The so-called core CPI, which strips out food and energy prices, also came in above estimates at 6%.
On top of that, the preliminary June reading for the University of Michigan’s consumer sentiment index registered at a record low of 50.2.