Stock futures tumble after Wall Street's dramatic surge

Michael Nagle  Bloomberg via Getty Images

The S&P 500 index rose 26 points, or 1.1 percent, to 2,377 as of 10 a.m.

Barely seven stocks on the S&P 500 were higher, while all the 30 components of the Dow were in the red. Apple Inc (AAPL.O), Inc (AMZN.O) and Alphabet Inc (GOOGL.O) all fell by 2 percent or more.

Markets responded to turmoil in Washington.

Many global investors have been unnerved by a variety of factors, including the partial U.S. government shutdown and Trump's ongoing criticism of Fed Chair Powell. "The only problem our economy has is the Fed".

Even with Wednesday's recovery, USA stock markets are still on pace for their worst December since 1931, CNN reported, citing S&P Global Indices. Meanwhile, the benchmark ASX 200 index grew almost 1.9 percent in Sydney.

The losses add to last week's low performance, in what seems like the index's worst week since the 2008 financial crisis. The worst three were Coca-Cola adding 2.43% McDonald's Corp adding 2.20% and Verizon Communications Inc, adding 2.62%.

Gold edged up 0.6 percent to $1,281.10 an ounce and silver gained 1.2 percent to $15.31 an ounce. Stocks climbed in Taiwan and throughout Southeast Asia. As Saint Mick Jagger once said, "you can't always get what you want".

"We've gone through situations before where it's absolutely normal for the secretary of Treasury to reach out to the private sector", Quincy Krosby, a chief market strategist at Prudential Financial, told The Wall Street Journal. "It's somewhat telling that we didn't cross it, we didn't officially enter into a bear market".

The rebound came as the Trump administration attempted to shore up investor confidence and markets welcomed a report on strong U.S. holiday spending.

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The remarks followed weekend media reports that US President Donald Trump has discussed firing Powell. Like it or not, when the President of the United States tweets that now is a good time to buy stocks after a three-month rout many investors will buy. Trump expressed confidence in Mnuchin on Tuesday.

Mnuchin held calls on Sunday with the heads of the six largest US banks in order to reassure nervous investors that the financial markets and economy were functioning properly.

The bank executives assured the Mnuchin that "they have ample liquidity available for lending to consumer, business markets, and all other market operations", he wrote.

Those doubts come of top of worries about how sharply the USA economy might lose steam next year. On Monday the market leaned lower.

Santa was nowhere to be found on Wall Street this Christmas Eve.

Volatility has been the norm this month.

The market remains on track for its worst December since 1931 and could finish 2018 with its steepest losses in a decade. He said that call, meant to assure, may have induced panic in the markets. However, the Fed failed to signal that it was easing off its tighter policy approach as much as markets had expected.

"The outsized moves are not reflective of the current USA economic landscape, but that seems to matter little so far as fear mongering continues to permeate every pocket of global capital markets", Stephen Innes of OANDA, a currency trading platform, said in a market commentary. Of those 13 full year declines in the past 58 years, seven occurred before or during a recession.

Also weighing on investor confidence is a government shutdown, that on through at least Thursday. The stock was giving the biggest boost to the S&P and Nasdaq and led the consumer discretionary index.SPLRCD up 1.49 percent. Some traders have suggested that the market has gotten to the point where a short-term bounce could occur, if only for technical reasons. "It's not unusual at all to see that in a bear market".

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