European markets fall as global stocks fall
European stocks It fell on Wednesday as global markets turned lower on economic concerns surrounding inflation and growth expectations.
pan europe Stokes 600 It was down 1% in early trade, with banks shedding 2.4% to lead losses while healthcare was the only sector in positive territory, adding 0.8%.
Negative trade in Europe comes after a hot night for Markets in Asia Pacific.
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The 10-year US Treasury yield breaches 4% for the first time since 2010
CNBC Pro: Asset manager reveals stock’s next move — and shares how it trades in the market
Neil Fitch, chief investment officer at Edinburgh-based SVM Asset Management, says he expects the overall landscape to remain “extremely challenging” for the rest of the year.
Talking to CNBC Pro . Talks Last week, Fitch named the main drivers that could help the stock market turn “more positive” and shared his view on growth versus value.
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Questions about earnings, a possible recession means more selling in the future
The Dow and S&P 500 have fallen for six days in a row, with many of those who saw a broad sell-off seen typical of the so-called “crash” days.
This can sometimes be a conflicting buy signal on Wall Street, but many investment professionals are skeptical that the selling is over. One reason is that earnings forecasts for next year still show solid growth, which is unlikely in the event of a recession.
said Andrew Smith, chief investment strategist at Delos Capital Advisors in Dallas. “But I find it hard to reconcile in my mind that the earnings story is going to be as good as we expect.”
In addition, dramatic moves in the bond and currency markets mean that something has “broken” and it may be smart to wait for that information to wear off, Smith said.
On the positive side, Smith cited a strong labor market and signs of continued travel spending as a sign that the US economy may be able to avoid a major recession.
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Futures contracts open higher
Stock futures rose slightly after trading began at 6 pm Dow futures rose more than 60 points at a time, although those gains have since narrowed.
Nasdaq 100 futures posted the biggest early jump of three, suggesting that technology may continue to outperform Wednesday.
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The Standard & Poor’s 500 hit a June low on Tuesday
Although Tuesday’s closing levels showed relatively modest daily moves, the S&P 500 fell below the day before this year’s low during the session. This move was seen by many as confirmation of the failure of the stock’s summer rally.
The S&P 500 is now 24.3% off its high, and the Dow is in bear market territory, down nearly 21.2%. The Nasdaq Composite, whose low dates back to last November, is 33.2% below its high.
The next major gauge for investors in the coming days could come from the bond market, where the 10-year Treasury yield has climbed below the 4% level.
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