HomeGlob NewsS&P 500 futures gain but index heads for third-straight down week

S&P 500 futures gain but index heads for third-straight down week

Stock futures were little changed Friday as traders try to recover some of the ground lost in the previous session.

Futures tied to the Dow Jones Industrial Average gained 111 points, or 0.3%. S&P 500 and Nasdaq 100 futures were up 0.3% each.

Friday’s moves followed another down session for markets as December’s sell-off resumed and hopes for a Santa Claus rally faded. The Dow on Thursday tumbled 348.99 points, or 1.05%, but finished well off its 803-point low. The S&P 500 and Nasdaq Composite dove 1.45% and 2.18%, respectively.

Those losses put the S&P 500 down 0.8% for the week, on pace for its third-straight weekly decline. The Nasdaq Composite, meanwhile has lost 2.1% this week. The Dow has been the outperformer this week, gaining 0.3%.

Recession fears have resurged recently dashing some investors’ hope for a year-end rally and leading to big losses in December. Investors worry that overtightening from central banks worldwide could force the economy into a downturn.

“From a broader market and economic perspective, nothing’s different next year,” Dan Greenhaus, chief strategist at Solus Alternative Asset Management said on CNBC’s “Closing Bell: Overtime” on Thursday, noting that questions will linger over how far the Fed will hike. “The trend is still the trend that remains in place.”

For December, the S&P 500 has lost more than 6%, while the Dow and Nasdaq have lost 4.5% and 8.7%, respectively. It would be the biggest monthly declines for the major averages since September. Stocks are also on pace for their worst annual performance since 2008

Investors await more economic data due out Friday, including November’s personal consumption expenditure report — the Federal Reserve’s preferred measure of inflation — and personal income. New home sales and December consumer sentiment index are also slated for release.

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