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), Amazon.com 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.

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".

Related News:

  • Christmas morning wake up weather

    Christmas morning wake up weather

    In the foothills, some rain is anticipated after 4 p.m. on Monday , Dec. 24, with the heaviest precipitation occurring overnight. It will stay cold on Friday , as well, with a high temperature of only about 10 degrees, but dropping to 11 below zero at night.
    Stowaway gang held on board cargo ship Grande Tema in Thames Estuary

    Stowaway gang held on board cargo ship Grande Tema in Thames Estuary

    It was not until 4.20am on Saturday that the vessel docked at the Port of Tilbury in Essex, according to MarineTraffic.com. There were reports that Special Boat Service operatives fast-roped from helicopters on to the ship during the operation.
    U.S.  envoy to anti-IS coalition quits after 'reckless' Trump decision

    U.S. envoy to anti-IS coalition quits after 'reckless' Trump decision

    Several lawmakers said they were not given any advance notice about the president's announcement involving the fight against ISIS. USA military officials are scrambling to come up with a schedule for the withdrawal of an estimated 2,000 troops.
  • Liverpool new favourites for title - is this finally their year?

    Liverpool new favourites for title - is this finally their year?

    Ben Chilwell played the goalscorer onside as Aymeric Laporte and Aguero combined to tee him up for a crisp finish past Schmeichel. We have to accept the reality and come back as soon as possible to win again - for all the competitions, for ourselves", he said.
    Israel's airstrikes on Syria threatened 2 civilian flights

    Israel's airstrikes on Syria threatened 2 civilian flights

    The attacks come after President Donald Trump said that America will withdraw all 2,000 troops from the country. Syria confirmed that most of the missiles were intercepted before they could land.
    Daniel Cormier And Jon Jones Exchanged Heated Words On Social Media

    Daniel Cormier And Jon Jones Exchanged Heated Words On Social Media

    Jones twice beat Daniel Cormier at light-heavyweight, including at UFC 214 to reclaim the title. Jones had been sidelined for an anti-doping violation for the past year and a half.
  • Kevin Spacey charged with sexual assault in MA

    Kevin Spacey charged with sexual assault in MA

    The court filings indicate that Little sent a video to his girlfriend to prove that his version of events occurred, AFP reports. His mother encouraged him to call the police immediately, but he said he didn't want to get anyone at the bar in trouble.
    Winter storm warnings begin Wednesday across much of state

    Winter storm warnings begin Wednesday across much of state

    Drivers should check road conditions before heading out by going to www.511mn.org or using the 511 app on their smartphones. Snow estimates are between 6 to 12 inches, with snow possibly falling from Wednesday afternoon through the day Thursday .
    Erdogan says he will meet with Putin over U.S.  withdrawal from Syria

    Erdogan says he will meet with Putin over U.S. withdrawal from Syria

    In the past two years, Turkey has conducted two offensives into northern Syria, dubbed "Euphrates Shield" and "Olive Branch". Cavusoglu will travel to Russian Federation to discuss the process of the U.S. withdrawal in the coming days, CNN Turk said.
  • Medical checks ordered after 2nd detained child migrant dies

    Medical checks ordered after 2nd detained child migrant dies

    Caal's 8 December death reignited debate in the United States over immigration policy and the treatment of migrants. Doctors wrote a prescription for amoxicillin - a commonly prescribed antibiotic - and instructed he take ibuprofen.
    Weather map snow forecast: Europe set for blast of ‘significant’ snow

    Weather map snow forecast: Europe set for blast of ‘significant’ snow

    The last time the city had snow on Christmas Day was back in 2010 and it's unlikely the long wait will end tomorrow. Thursday should bring us mostly rain as well, before we see the transition over to snow once the sun sets.
    National Christmas Tree goes dark, Trump fumes in United States  chaos

    National Christmas Tree goes dark, Trump fumes in United States chaos

    That means Wednesday is the first day the public could begin to feel the effects of lost government services, Mulvaney said . Chris Van Hollen and Ben Cardin, who represent Maryland, where many DC-area federal employees live.


Most liked

Social Media Erupts After ‘Very Small’ Instagram Test Goes Broad By Accident
Instagram appears to have changed how users scroll through the application. and then it changed it back. Social media was instantly flooded with users reacting negatively to the abrupt change.

Trump tweets video revealing secret US Navy SEAL team in Iraq
President Donald Trump may have inadvertently unmasked a Navy SEAL team during his short visit to a U.S. base in Iraq this week. Trump used the opportunity to defend the withdrawal of troops from Syria saying it was made possible by the defeat of ISIL.

Melbourne Test: India 215/2 at stumps against Australia
Cheteshwar Pujara ended day one 68 not out, with captain Virat Kohli unbeaten on 47 as India closed on 215-2. Kohli, who slammed a sensational ton in the first innings of the previous Test, was scoring at will.

Christmas: Gov. El-Rufai Urges Christians To Pray For Peace
As from the very early days, Christians were considering Jesus' birth as the beginning of the new year. Special Christmas trees have been prepared to celebrate the occasion.

Suspected ISIS militants carry out deadly attack in Libya
The three attackers were suspected to be Islamic State militants, the security source, who requested not to be named, said. The foreign minister said the United Nations should lift an arms embargo it has imposed on Libya since the 2011 uprising.

Manchester United boss Ole Gunnar Solskjaer That's the Paul Pogba I know
Lukaku has been on compassionate leave, Martial was ill for the Terriers game and Sanchez has missed six matches with a hamstring problem.

Ruth Bader Ginsburg's lung surgery is her 3rd cancer treatment since 1999
Court officials say she has nearly fully recovered from her ordeal, and the Supreme Court will return for business on January 4. Ginsburg is one of the four liberal members of the Supreme Court, and is somewhat of an icon among progressives.

Which stores are open on Christmas?
Just run a quick search online for the Dunkin' store you plan on visiting and take note of the contact telephone number listed. If you still need to stock up for the family Christmas dinner, the LCBO and The Beer Store are open until 6 p.m.

India with 2 injury concerns ahead of 3rd test vs Australia
Rohit Sharma has recovered from his back injury and was back in the nets while Ashwin will be monitored during the next 48 hours. India's spinner Ravichandran Ashwin tosses the ball up while bowling during a training session in Melbourn.

Trump asks 7-year-old if he still believes in Santa
The president spent his Christmas Eve speaking to several kids, as did Melania, before calling it a night. The tradition will continue this year, despite a partial government shutdown over budget spending.

Defense Secretary James Mattis thanks troops in Christmas message
Mulvaney said the president "is entitled to have a secretary of defence who is committed to that same end". US officials said they didn't know if Shanahan would be Trump's nominee to replace Mattis.

Meghan Markle's Christmas curtsy to the Queen one year later
Kate wore a red custom-made Catherine Walker dress coat with a burgundy collar and matching hat, and a red clutch by Mulberry. The former " Suits " star could be seen placing a protective hand on Kate's back as the pair made their way inside the gates.

Otto Warmbier death: North Korea told to pay parents more than $740m
North Korean officials alleged he conspired with an OH church, along with the Central Intelligence Agency , the motion states. The head-shaven Warmbier had gone blind and deaf, his once straight teeth misaligned and his eyes bulging out, it said.

QuickE: Virat Kohli Praises Anushka Sharma; ‘Zero’ Box Office
Swara, who worked with the director in films like "Raanjhanaa" and "Tanu Weds Manu", "loved every second of "Zero" . Contrary to his expectations, Zero seems like a sinking ship, with an uncertain future to say the least.

Third Canadian detained for working illegally: FM
Secretary of State Mike Pompeo directly asked China to release the Canadians, calling their detention unlawful and unacceptable. The show of support from allies is significant for Canada , which has felt relatively isolated in recent months.