After sharp losses Friday, Wall Street is poised for more declines as stock-index futures slid Sunday night.
Wall Street is bracing for a busy earnings week, with quarterly reports due from Apple Inc. AAPL, -2.78%, Facebook parent Meta Platforms Inc. FB, -2.11%, Google parent Alphabet Inc. GOOGL, -4.15% GOOG, -4.26%, Amazon.com Inc. AMZN, -2.66% and Microsoft Corp. MSFT, -2.41%, among others. Investors will also keep an eye on Twitter Inc. TWTR, +3.93%, which reports earnings Thursday and on Sunday was reported to be re-evaluating Elon Musk’s takeover bid.
On Friday, the Dow DJIA, -2.82% shed about 981 points, or 2.8%, marking its worst daily percentage drop since Oct. 28, 2020, according to Dow Jones Market data. The S&P 500 index SPX, -2.77% slid 2.8% and the Nasdaq Composite Index COMP, -2.55% tumbled 2.6%.
For the week, the Dow was down 1.9%, the S&P 500 fell 2.8% and the Nasdaq dropped 3.8%, according to FactSet.
Fed Chairman Jerome Powell added to the worries of jittery investors Thursday by signaling support for a larger, 50-basis-point rate hike at the Fed’s May meeting.