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Futures on stocks fall after the worst day of the Dow since 2020, job reports


Stock futures fell in the morning trading on Friday after the Dow Jones Industrial Average published the worst day since 2020.

Futures on the Dow Jones Industrial Average fell 103 points, or 0.31%. S&P 500 futures traded 0.4% lower and Nasdaq 100 futures fell 0.6%.

The move came after the stock sold out sharply on Thursday. The Dow lost more than 1,000 points, and the high-tech Nasdaq Composite fell nearly 5%. Both indices increased the worst one-day falls since 2020. The S&P 500 fell 3.56%, making it the second worst day of the year.

Losses on Thursday wiped out a big rally after gathering the Federal Reserve on Wednesday. Fed Chairman Jerome Powell ruled out the prospect of higher rates on Wednesday, shipping the S&P 500 and Dow them the best daily earnings since 2020.

“Yesterday it was more relief, optimism, hope … Today there is more realism in the market,” said Michelle Claver, portfolio strategist at Global X ETFs, on Thursday.

Technology stocks have borne the brunt on Thursday fall, cloud companies, e-retailers and mega-capital names are seeing a sharp decline.

Despite the destruction on Thursday, the S&P 500 index is going to close the week before rising by 0.4%. The Dow is on track to end the week slightly higher, while the Nasdaq Composite is down 0.1% this week.

Investors are waiting for the April report on jobs, which should come out on Friday morning. Economists polled by Dow Jones expect employers to add 400,000 jobs to non-agricultural wage funds, just under 431,000 in March. Unemployment is expected to fall to 3.5% in April from 3.6% in March, according to Dow Jones.

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