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Stock futures continue the retreat on Wall Street

US stock futures traded lower Wednesday morning, adding to the previous day's losses.

The major futures indices point to a 0.3% drop when the opening bell rings on Wall Street.

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On Wall Street, the losses of the major indices have risen this month as rising inflation and the recent rise of the pandemic prompt investors to take caution.

Raised expectations of an interest rate hike from the Federal Reserve have kept government interest rates rising. The 10-year treasury was stable at 1.87% on Wednesday, the highest since January 2020.

HARVARD ECONOMY ABOUT HOW LONG PRICES WILL CONTINUE TO APPLY

The flood of financial revenue continues Wednesday, with Bank of America, Morgan Stanley, US Bancorp and State Street making headlines ahead of the opening bell. Also keep an eye out for results from a few Dow members: the health heavyweights UnitedHealth Group and Procter & Gamble. In the afternoon, investors will focus on United Airlines and Discover Financial Services.

On the economic calendar, the Ministry of Commerce is expected to say that the number of new homes under construction in December fell 1.7% to a seasonally adjusted annual rate of 1.65 million. This is after a much stronger increase than expected in November to DKK 1,679 million. Permits for future construction are expected to fall 0.9% to 1.701 million in December, after jumping 3.9% the previous month to the highest since August.

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In Europe, London's FTSE was flat, Germany's DAX fell 0.3% and France's CAC rose 0.3%.

In Asia, Japan's benchmark Nikkei 225 fell 2.8% to its lowest level since August, Hong Kong's Hang Seng added 0.1% and China's Shanghai Composite lost 0.3%.

Traders returned to the market Tuesday after Monday's holiday.

Ticker Security Last Change Change %
I: DJI DOW JONES On average 35368.47 -543.34 -1.51%
SP500 S&P 500 4577.11 -85.74 -1.84%
I: COMP NASDAQ COMPOSITE INDEX 14506.896644 -386.86 -2.60%

The S&P 500 fell 1.8% to 4,577.11, with about 90% of the shares in the benchmark index closing in red.

Nasdaq, which is heavily weighted with technology stocks, fell 2.6% to 14,506.90. The Dow Jones Industrial Average fell 1.5% to 35,368.47.

MICROSOFT PURCHASING ACTIVISION I 68.7 billion

Activision Blizzard rose 25.9% following news of a grand deal. Microsoft, which fell 2.4%, buys the maker of games like "Call of Duty" and "Candy Crush" for $ 68.7 billion. Other game stocks rose, including Electronic Arts, which added $ 3.47, or 2.7%, to $ 133.91.

GOLDMAN SACHS 'PROFIT DECREASES BY 13% IN THE FOURTH QUARTER

Goldman Sachs reported a decline in fourth-quarter earnings, sending shares down $ 26.54 or 7% to $ 354.40.

Online brokerage firm Charles Schwab fell $ 3.37, or 3.5%, to $ 92.16 after the company reported fourth-quarter profits that rose but fell below analysts' estimates.

Shares of SoFi Technologies Inc have risen 17% in the pre-market after the Office of the Comptroller of the Currency and the Federal Reserve approved its application to operate as a bank, and it expects to do so next month.

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In energy trading, the benchmark US crude added 49 cents to $ 85.91 per barrel. barrel of electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 25 cents to $ 87.76 per barrel. barrel.

The Associated Press contributed to this report.

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