S&P 500 futures gain but index heads for third-straight down week
Stock futures were little changed on Friday as traders struggled to recover some of the ground lost in the previous session.
Friday's moves followed another down session for markets as December's sell-off resumed and hopes for a Santa Claus rally faded. The Dow on Thursday tumbled 348.99 points, or 1.05%, but finished well off its 803-point low. The S&P 500 and Nasdaq Composite dove 1.45% and 2.18%, respectively. "From a broader market and economic perspective, nothing's different next year," Dan Greenhaus, chief strategist at Solus Alternative Asset Management said on CNBC's "Closing Bell: Overtime" on Thursday, noting that questions will linger over how far the Fed will hike. "The trend is still the trend that remains in place."
Bullish sentiment fell to 20.3% from 24.3% last week, while those who said they were neutral on the outlook for stocks dropped to 27.4% from 31.1%.The survey is a contrarian indicator, meaning less risk when bearishness is high and more risk when bullishness is rampant. "Above-average market returns have often followed unusually low levels of optimism, while below-average market returns have often followed unusually high levels of optimism," AAII says.
Stockton also expects a downtrend to continue going forward, saying that the major indices need to make lower highs and lower lows.The Bureau of Economic Analysis will issue November's personal consumption expenditure report – the Federal Reserve's preferred inflation measure – on Friday morning.
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