Nasdaq futures dropped about 2% premarket, leading the other indexes lower — and more in Monday’s stock market recap.
Dow and S&P 500 futures were also down more than 1% premarket as bond yields continue to rise while investors doubt the Federal Reserve will get inflation under control.
Two key reports — the Consumer Price Index and Producer Price Index — come out on Wednesday and Thursday, respectively. That should give us a better idea of how inflation is affecting consumers and producers alike.
The earnings season sell-off continues with Rivian down 19% in extended trading on news that Ford plans to offload 8 million shares. Rivian is down 72% in 2022 and reports earnings Wednesday.
New Money Crew Head Trader Lance Ippolito has been short this stock for a while now, and called for it to head lower in last Wednesday’s WealthPress Live Roundtable.
Software company Palantir is also down 15% premarket on an earnings miss and weaker-than-expected revenue.
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