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Futures markets predict more US selling - KRISTV.com | Continuous News Coverage | Corpus Christi

Futures markets predict more US selling

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PHOTO: NYSE - New York Stock Exchange PHOTO: NYSE - New York Stock Exchange

WALL STREET (AP) - It's going to be a nervous opening on Wall Street, a day after the Dow Jones industrial average recorded its biggest fall, in percentage terms, since August 2011.   

Futures markets are turning cagey as the opening bell gets nearer, with Dow futures and the broader S&P futures, down a further 1 percent and 0.6 percent, respectively.   

Stock markets around the world, particularly on Wall Street, have tumbled this week as fears over prospective U.S. interest rate hikes combined with fears that markets were a bit frothy following a strong run over the past year that saw many indexes hit record highs.   

Neil Wilson, senior market analyst at ETX Capital in London, is worried about the role technology is playing in the rout. Algorithmic trading, which involves computers following a program, are, he said, "battering the key levels forcing the market lower each time.   

As a result, he reckons buyers are being caught out: "So far every time dip buyers come in they are being blown away - despite the fact that on a forward earnings basis stocks are looking more and more appealing." 

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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