Breaking: Dow Futures Plunge 300 Points, Stocks Head for Worst Week Since January As Gold Moves Higher

Investors are still reeling from the Fed announcement earlier this week as futures markets tanked in early Friday trading. Dow futures lost 300 points, S&P Futures were down 28, and the tech heavy Nasdaq futures dropped 76 points. The yield on the 10-year Treasury inched higher as investors moved to safe havens like gold.

Maybe, just MAYBE, the Fed won’t keep the printing press on forever??

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Of course, the end of 2023 is still two and a half years away…and, frankly, I have no idea how the Fed will be able to wait that long judging by the recent inflation reads being so hot.

Anyway, investors are still grappling with whether the Fed means business or not and, as such, some of the wind is coming out of the equity markets’ sails in Friday’s premarket.  Commodities associated with growth, such as oil and copper are seeing a temporary pullback as gold strengthens.

Equities

Equity indices were in the red in premarket trading.

  • S&P 500 : 4,182 (-0.71%)
  • Nasdaq: 14,139 (-0.12%)
  • DOW futures: 33,381 (-0.93%)

U.S. Dollar and Treasuries

Treasury yields inched higher and the dollar strengthened relative to a basket of other currencies.

  • U.S. Dollar Index (DXY): 92.09, +0.22%
  • 10-year Treasury yield: 1.518%

Stocks To Watch

CAI International, a transportation and logistics company, has announced it has agreed to be acquired by Mitsubishi HC Capital Inc at US$56.00 per share. The company’s shares spiked almost 50%, to reflect the financial company’s bid.

Capstone Green Energy Corp announced it will increase its public offering of common stock to $10 million. The dilution caused an immediate drop in the stock price of 25%.

AMC is continuing to power higher after a good day Thursday. It’s the one meme stocks that continues to show momentum in the retail trading environment.

  • CAI Cai International Inc, $55.59, +45.68%
  • CGRN Capstone Green Energy Corporation, $5.410, -26.09%
  • AMC AMC Entertainment, $60.85, +0.20%

Commodities To Watch

WTI Oil moved lower as gold inched higher.

  • WTI crude: $70.30, -1.04%
  • Brent crude: $72.36, -0.73%
  • Gold: $1,792.40, +0.99%

Crypto

The global crypto market cap fell by 3.49% in the last 24 hours.

  • BTC: $37,831.90, -3.39%
  • ETH: $2,322, -4.45%
  • DOGE $0.3008, -3.01%
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