empty
17.06.2022 03:24 PM
US premarket on June 17, 2022

US stock index futures recovered slightly early on Friday after yesterday's sell-off. Some investors assumed Thursday's sell-off, which was caused by recession fears, has peaked.

S&P 500 and Nasdaq 100 futures increased by 1%, but lost their gains at the time of writing, indicating the upward sentiment in the market was fleeting. Another sell-off in the US stock market is possible at the end of this week, particularly after another statement by Fed chairman Jerome Powell.

This image is no longer relevant

The markets are very likely to finish this week in negative territory, pushed down by the interest rate increase, which will continue in July. The rate hike is set to remove liquidity from the markets, resulting in losses for various asset classes. Currently, global stock indexes experience one of the worst weeks since the crash of early 2020 caused by the coronavirus pandemic. However, some investors expect regulators to adjust their monetary tightening cycles, which should help markets recover in the near future. Many market players now wonder about the size of the rate hike, as well as how much the economy will slump.

Premarket movers

Shares of Adobe fell by 3.7% during the premarket after the software company issued a weaker-than-expected revenue forecast for the current quarter and the full year. However, the company's quarterly results exceeded market expectations.US Steel gained 7.7% in the premarket following the release of better-than-expected guidance for the current quarter. Rising demand and higher prices of steel also boosted the company's performance.Alibaba jumped by 9.2% during the premarket after Reuters reported that China's central bank approved Alibaba-affiliate Ant Group's application to form a financial holding company. That revives hopes of a possible Ant Group initial public offering.Shares of American Express advanced by 1.5% after Baird upgraded the company's rating to "outperform" from "neutral". Baird noted that "relentless panic selling" has provided an attractive buying opportunity.

This image is no longer relevant

On the technical side, the S&P 500 has plunged to new yearly lows. The only thing bullish traders can do today is steer the index above the resistance at $3,708. A breakout above this level would send the S&P 500 towards $3,730, where major market players would come into play. Some traders could likely take profits at this level as well. From there, the next target for the index is $3,755, but it is unlikely to reach it. If pessimism in the market prevails amid renewed speculation about fighting high inflation, the instrument could fall towards the closest support at $3,677. If the S&P 500 breaks below this level, it could result in a new sell-off at $3,640 and $3,608.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Update on US stock market on April 11. Major pullback after strong rally. Market regains consciousness.

S&P500 Snapshot of the US benchmark stock indices on Thursday: * Dow -2.5%, * NASDAQ -4.3%, * S&P 500 -3.5% The S&P 500 closed at 5,268, within the range

Jozef Kovach 12:00 2025-04-11 UTC+2

Stocks skyrocket after Trump's tariff delay

The US stock market just experienced one of the most powerful waves of optimism in recent years. On Wednesday, following a statement from President Donald Trump, major stock indices posted

Anna Zotova 15:10 2025-04-10 UTC+2

US market rebounds strongly, but Trump's trade war with China remains unresolved

S&P 500 Overview for April 10 US market rebounds strongly, but Trump's trade war with China remains unresolved Major US indices on Wednesday: Dow +8%, NASDAQ +12%, S&P 500 +9.5%

Jozef Kovach 11:45 2025-04-10 UTC+2

Update on US stock market on April 10. SP500 and NASDAQ grow like mad

At the close of yesterday's regular trading session, US stock indices ended with solid gains. The S&P 500 jumped by 9.52%, while the Nasdaq 100 surged by 12.15%. The industrial

Jakub Novak 11:31 2025-04-10 UTC+2

US and China engaged in fierce battle: markets slump, high-tech stocks bruised, gold stands tall

Global markets are once again in turmoil: the escalation of the trade war between the US and China has slammed stock markets, gold is breaking records, Meta is mired

Аlena Ivannitskaya 15:56 2025-04-09 UTC+2

US markets attempt to stabilize at key support levels

S&P 500 The market tries to hold support Main US indices on Tuesday: Dow -0.8%, NASDAQ -2.2%, S&P 500 -1.6%, S&P 500 at 4983, range 4800–5700. It was another volatile

Jozef Kovach 10:44 2025-04-09 UTC+2

Stock Market Overview for April 9: S&P 500 and NASDAQ Return to Annual Lows

Following Tuesday's regular trading session, U.S. stock indices closed with another decline, ending just a step away from their annual lows. The S&P 500 dropped by 1.57%, the Nasdaq

Jakub Novak 09:22 2025-04-09 UTC+2

US market: real reason behind Trump's tariffs revealed. Part 1

S&P 500 Overview for April 8 US market: real reason behind Trump's tariffs revealed. Part 1 Major US indices on Monday: Dow -0.9%, NASDAQ +0.1%, S&P 500 -0.2%, S&P

Jozef Kovach 13:50 2025-04-08 UTC+2

US market sees sharp rebound. Part 2

S&P 500 Overview for April 8 US market sees sharp rebound. Part 2 Major US indices on Monday: Dow -0.9%, NASDAQ +0.1%, S&P 500 -0.2%, S&P 500: 5,062, trading range

Jozef Kovach 13:04 2025-04-08 UTC+2

BlackRock CEO: sell-off may not be over yet

In an interview yesterday, BlackRock CEO Larry Fink warned that equity markets may still have room to fall, possibly by as much as 20%. However, he also framed the decline

Jakub Novak 12:27 2025-04-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.