Futures Movers: U.S. stock futures dip, dollar rises as Italian election results add to uncertainty

by | Sep 25, 2022 | Stock Market

U.S. stock-index futures fell late Sunday, suggesting losses Monday, as the projected victory of a far-right party in Italy added to uncertainties about rising interest rates and recession fears. After falling nearly 200 points earlier in the session, Dow Jones Industrial Average futures
were down about 150 points, or 0.5%, around midnight Eastern, while S&P 500 futures
and Nasdaq-100 futures
were also about 0.5% lower in choppy trading.

Investors may have been reassured by the moderate tone taken by  far-right Italian leader Giorgia Meloni on Sunday night, after partial national election results showed her party as the likely winner. Stock futures had been relatively flat before news broke that the Brothers of Italy, a far-right party with neo-fascist roots, was projected to win. That could have ripple effects on the euro, Italian banks and Italian government bonds, further roiling markets. The U.S. Dollar Index
rose 0.7% as the greenback continued recent gains against the euro
and British pound
which fell to a record low against the dollar. Wall Street suffered another week of losses Friday in the wake of the Fed’s latest jumbo rate hike. The Dow Jones Industrial Average
fell 486.27 points, or 1.6%, to close at 29,590.41, while the S&P 500
 dropped 64.76 points, or 1.7%, to …

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