Index Futures for the Week of October 13-17
At the end of last week the S&P 500 and the NASDAQ posted their largest weekly declines since May 2012. The S&P 500 closed at 1,905.13 while the NASDAQ 100 was down at 3,870.86. Furthermore, the Dow 30 turned negative for the year after a chipmaker’s warning of a major pullback in the industry caused a fall in technology stocks. The index closed the week at 16,544.10 down from 16,994.22 on Wednesday.
The fall was also due to bad economic news from Europe. Standard and Poor on Friday lowered France’s credit outlook, there was weak data from Germany and overall European economic growth has been slowing down.
While Europe’s economic outlook remains bleak it is likely that the stock markets will remain low. Investor confidence is not high and worries about the tech industry are likely to cause further declines in the coming days.