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Dow Futures Dip More Than 80 Points, what does the future hold?

15 February 2018

On Tuesday, U.S. stock futures signaled towards a lower open for Wall Street, after two sessions of gains that helped investors somewhat forget about the possibility of a deeper market correction taking place.

The benchmarks, however, ended trading last session of the week on green, as Dow rose by 330 points on Friday and the S&P 500 and Nasdaq by more than 1.4%. DowDuPont and Apple performed best within the blue-chips, expanding by 3.4% and 4%, respectively. That led some investors to expect inflation may rise faster than expected, forcing the Federal Reserve to raise interest rates more than expected. The tech-based NASDAQ Composite closed at 6869.97.00, down 5.1%. Caterpillar (CAT) rose 2.1%, while U.S. Steel (X) jumped 5.8%.

The Dow sees first back-to-back gains since February 1.

Technology companies and banks, some of the biggest winners on the market over the past year, are up the most.

Stocks got off to a fast start, as expected, with early gains nearly reaching the quantities seen in the whole of Friday's session.

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"This looks like a corrective phase rather than the start of a bear market", Katie Stockton, founder of Fairlead Strategies, told CNBC.

Markets are expected to be closely focused on inflation figures out this week - in the United Kingdom on Tuesday and, particularly, in the USA the day after that.

Shares of equipment makers and steel producers rallied after the Trump administration rolled out a $1.5 trillion plan to boost spending on infrastructure.

The correction was long overdue and may last another few weeks, but there still may be room for US stocks to rise another 10 percent to 15 percent before the end of the year, said Douglas Cohen, a managing director at Athena Capital Advisors.

The Dow industrials were up 279 points, or 1.2 percent, to 24,471.

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Benchmark U.S. crude gained 9 cents to $59.29 a barrel in NY. Disney agreed to buy Fox's movie and television studios and some cable and worldwide TV businesses in December for $52.4 billion.

Twenty-First Century Fox picked up 67 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.

By 9:54 a.m. NY time, the FTSE 100, which captures Britain's largest companies, had fallen 1.7 percent, Germany's DAX had tumbled 2.2 percent and France's CAC 40 had dropped 2.1 percent.

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Bond prices fell. The yield on the 10-year Treasury note rose to 2.86 percent from 2.83 percent. The euro rose to $1.23 from $1.2231.

Bears, Ravens to play in 2018 HOF Game
Lewis, the second Ravens player ever drafted, will join the first-ever drafted, tackle Jonathan Ogden, as Hall of Fame inductees. As part of the hall of fame festivities in Canton prior to the induction ceremony, the Bears will play the Ravens on August 2nd.

Petroleum-linked shares rose amid higher oil prices, with Halliburton winning 2.6 per cent, Schlumberger 2.5 per cent and Apache 2.4 per cent. Chipmaker Applied Materials climbed $1.42, or 3 percent, to $49.50.

Dow Futures Dip More Than 80 Points, what does the future hold?