Stocks tumbled on Wednesday as bond yields held steady at multi-year highs and amid continued concerns about economic and earnings growth prospects. The S&P 500 lost 3.3%, extending its losing streak to five sessions in a row, which is its longest losing streak since 2016. The Dow Jones Industrial Average and the Nasdaq Composite also fell sharply, losing 3.2% and 4.1%, respectively.
No companies we cover were scheduled to report earnings this afternoon.
Futures are extending losses after hours: S&P 500 futures are -13 vs. 2,790 fair value and Nasdaq 100 futures are -47 vs. 7,067 fair value.
Tomorrow morning, economic reports scheduled to be released include:
- At 8:30:
- September CPI (Briefing.com Consensus +0.2% vs. +0.2% in August) and Core CPI (Briefing.com Consensus +0.2% from +0.1% in August)
- Initial Jobless Claims (Briefing.com Consensus 205K from 207K)
- At 14:00:
- September Treasury Budget ($7.9 bln in August)
Tomorrow before the open the following companies are scheduled to report earnings: CBSH, DAL, DAVA, WBA