S&P 500 and Nasdaq futures recover slightly after yesterday’s losses driven by consumer concerns and fixed income reversals.
US equities erased earlier gains and fell sharply as fixed income rallies unwound, with the S&P 500 dropping 0.87% in its worst August session so far. The Nasdaq and Magnificent Seven underperformed, declining 1.00% and 1.11%, respectively, while the Philly Semiconductor index rose 0.53%.
Walmart’s earnings miss, reporting 2.6% US sales growth—the slowest since 2020—fueled worries over consumer resilience amid high energy prices and rising interest rates. European markets closed mixed, with the Stoxx 600 and CAC 40 down, while the FTSE 100 eked out a small gain.
Overnight, US equity futures turned positive, with the S&P 500 and NASDAQ up 0.06% and 0.20%. Asian markets were mixed, led by gains in the Hang Seng (+0.72%) and CSI 300 (+0.52%), while the Nikkei slipped 0.30%.