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Dow futures will fall 400 points as roller coasters on Wall Street continue

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Traders on the NYSE, May 6, 2022

Source: NYSE

Stock futures fell early Monday as traders tried to find a foothold after a dramatic trading week.

Futures pegged to the Dow Jones Industrial Average fell 418 points, or 1.3%. The S&P 500 futures fell 1.5% and the Nasdaq 100 lost 1.7%.

Last week, The Nasdaq Composite lost 1.54%, while the S&P 500 and Dow fell 0.21% and 0.24% respectively. It was the sixth consecutive week of losses for the Dow and the fifth in a row for the other two major indexes.

Although the cumulative moves of the week were not uncommon, some of the daily fluctuations were eye-popping. Wednesday at Dow was the best day since 2020, but then Thursday erased all those accomplishments and more.

A brief rally on Wednesday came after Federal Reserve Chairman Jerome Powell said the central bank was not considering raising the rate by 75 basis points at future meetings. Shares and bonds rose after that comment, but reversed on Thursday.

Hedge fund billionaire manager David Tepper told CNBC correspondent Scott Wapner on Friday that Powell’s statement was “unforced error“, which contributed to market volatility.

Stock Picks and Investment Trends from CNBC Pro:

Revenue season in the first quarter is slowing, but there are several notable reports before the opening call on Monday, including Palantir and vaccine makers BioNTech and Novavax.

In other corporate news, Ford wanted to sell 8 million shares of Rivian Automotive over the weekendCNBC sources told David Faber.

Investors will also be watching this war in Ukraine. US First Lady Jill Biden paid an unexpected visit to the country on Sunday. The United States and the G7 countries have announced they will increase short-term financial support for Ukraine as the war with Russia nears a three-month mark.

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