Reply To: Traders Market Weekly: Memorial Weekend a Time for Reflection


The S&P 500 futures are 1.1% below fair value; the Nasdaq 100 futures 1.8% below fair value; and the Dow Jones Industrial Average futures are 0.6% below fair value.

Key factors driving the futures market:

A Q2 warnings from Snap (SNAP) that was blamed on macro conditions deteriorating faster and further than anticipated
Weakness in the mega-cap tech stocks
Preliminary May PMI readings out of the eurozone that were mostly weaker than expected and conveyed a deceleration in the pace of expansion versus April
UBS and JPMorgan cut their 2022 China GDP growth forecasts
Snap (SNAP) plunges 32% following its Q2 warning and other social media stocks that derive revenue from online advertising, including Alphabet (GOOG), follow
Abercrombie & Fitch (ANF) is the latest apparel retailer to disappoint with earnings and outlook; ANF drops 25%
Best Buy (BBY) dips 0.8% after topping fiscal Q1 estimate but lowering its FY23 EPS guidance range