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 June 20. SP500 and NASDAQ open with gains

Yesterday, US financial markets were closed. US stock indices ended the electronic trade mixed: the S&P 500 slipped by 0.03%, the Nasdaq 100 gained 0.13%, and the Dow Jones Industrial

Jakub Novak 11:54 2025-06-20 UTC+2

S&P 500 Forecast for June 20, 2025

For the past six weeks, the price has been unsuccessful in testing the resistance of the MACD indicator line on the weekly chart. However, the recent consolidation above the 5908

Laurie Bailey 07:16 2025-06-20 UTC+2

Calm above, crisis below: markets weigh oil, inflation, and Middle East risks

The US stock market is showing mixed performance, reflecting investors' ambivalent outlook after the holiday break. In the latest trading session, the S&P 500 slipped 0.03%, while the Nasdaq rose

Anna Zotova 13:29 2025-06-19 UTC+2

Update on US market on June 19. Federal Reserve downgrades its economic outlook. Stock market awaits correction

S&P500 Snapshot of major US stock indices on Wednesday Dow -0.1%, NASDAQ +0.1%, S&P 500 -0.1%, the S&P 500 closed yesterday at 5,981 trading within the range of 5,600

Jozef Kovach 12:43 2025-06-19 UTC+2

Stock Market as of May 19th: S&P 500 and NASDAQ Decline After Fed Meeting

At the end of the previous regular session, U.S. stock indices closed mixed. The S&P 500 fell by 0.03%, while the Nasdaq 100 rose by 0.13%. The Dow Jones Industrial

Jakub Novak 10:54 2025-06-19 UTC+2

Stock Market on May 18th: S&P 500 and NASDAQ

At the close of the most recent regular session, U.S. stock indices ended in decline. The S&P 500 fell by 0.84%, while the Nasdaq 100 dropped by 0.91%

Jakub Novak 11:53 2025-06-18 UTC+2

All eyes on Powell, but geopolitics may steal spotlight

The market is at a standstill. With the Fed's decision looming and growing political pressure from two fronts — monetary and geopolitical — market participants are bracing for a sharp

Anna Zotova 11:27 2025-06-18 UTC+2

Playing on edge: can markets ignore geopolitics for another day?

The US stock market continues to disregard geopolitical realities. Indices have approached key levels and are ready for a breakout. The only question is, in which direction? If upcoming events

Anna Zotova 13:27 2025-06-17 UTC+2

Stock Market on May 17th: S&P 500 and NASDAQ

At the end of the last regular session, U.S. stock indices closed higher. The S&P 500 rose by 0.94%, while the Nasdaq 100 gained 1.55%. The Dow Jones Industrial Average

Jakub Novak 11:56 2025-06-17 UTC+2

Update on US stock market on June 17

S&P500 Snapshot of major US stock indices on Monday: Dow +0.8%, NASDAQ +1.5%, S&P 500 +0.9%, S&P 500 at 6,033 in an intraday range of 5,600 to 6,200. On Monday

Jozef Kovach 10:45 2025-06-17 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.