Stock Futures Drop, Putting S&P 500 on Course to Open Near a Bear Market

May 24, 2022 3:59 am ET

U.S. stock futures declined, putting the S&P 500 on track to open close to a bear market, defined as a 20% drop from a recent high.

S&P 500 futures fell 1.4% and futures on the Dow Jones Industrial Average slipped 0.9%. Changes in equity futures don’t necessarily predict moves after the opening bell.

Europe stocks declined Tuesday. The Stoxx Europe 600 was lower 0.8% in morning trade. Industrials and utilities sectors drove the losses while the real-estate sector rose.

Airbus declined 2.1% and Safran fell 2.8%.

The U.K.’s FTSE 100 was down 0.8%. Other stock indexes in Europe also mostly slipped as France’s CAC 40 lost 1%, the U.K.’s FTSE 250 shed 1% and Germany’s DAX lost 0.9%.

The Swiss franc, the euro and the British pound were up 0.4%, 0.4% and 0.2% respectively against the U.S. dollar.

In commodities, international benchmark Brent crude was down 0.9% to $112.35 a barrel. Gold gained 0.4% to $1,855.20 a troy ounce.

German 10-year bund yields were broadly flat and U.K. 10-year gilts yields declined to 1.951%. The yield on 10-year U.S. Treasury was down to 2.822% from 2.857%. Bond yields move inversely to prices.

Indexes in Asia mostly fell as Hong Kong’s Hang Seng declined 1.9%, Japan’s Nikkei 225 index was lower 0.9% and China’s benchmark Shanghai Composite shed 2.4%.

Traders worked on the floor of the New York Stock Exchange on Monday.

Photo: Spencer Platt/Getty Images

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