Stock market news live updates: May 24, 2022

US equity futures stumbled in early trading Tuesday, placing the S&P 500 back on track toward a bear market.

Futures tied to the benchmark fell 1.2%, and futures on the Dow Jones Industrial Average shed 200 points. Nasdaq futures declined 1.6%.

The moves extend a streak of sharp gyrations in equities but build on a broader downward trend amid months of selling on Wall Street. Monday’s close marked only the 13th time of 98 trading days this year the S&P 500 closed in positive territory, according to data from Bespoke Investment Group.

Downturn in equity futures early Tuesday was spurred by renewed pressure in tech stocks after Snap Inc. (SNAP) CEO Evan Spiegel slashed the company’s forecast, citing rising inflation and interest rates, supply chain constraints and labor disruptions. Shares of Snap plummeted 30% in extended trading.

The social media giant is the latest among a growing docket of US companies downgrading their outlooks over concerns macroeconomic pressures are poised to weigh on margins. Last week, a bevy of disappointing earnings from major retailers affirmed fears that inflation and continued supply chain issues are hitting corporate balance sheets.

“There was bound to be some payback from the pandemic-induced profit arising a lot of companies experienced, but that payback might be bigger than originally thought,” Brian Jacobsen, senior investment strategist at Allspring Global Investments said in an emailed note. “Businesses have to deal with higher input costs, consumers crimped by high prices, and shifting spending patterns.”

During the first quarter earnings season, 338 of 460 companies in the S&P 500 that have reported results so far cited the term “supply chain” during calls with investors – the third highest number of times since at least 2010, research from FactSet indicated. With results due out this week from consumer names including Macy’s (M), Dick’s Sporting Goods (DKS), and Ulta Beauty (ULTA), Wall Street is bracing for more bad news.

A lineup of economic data is also in the queue for investors through Friday, with a second estimate of first-quarter US GDP due out later this week, along with a fresh read on monthly personal consumption expenditures (PCE), the Federal Reserve’s preferred inflation measure.

7:17 a.m. ET: Futures point to continued losses after Snap slashes forecast

Here’s where stock futures were in pre-market trading Tuesday:

  • S&P 500 futures (EN=F): -41.00 (-1.03%) to 3,930.75

  • Dow futures (YM=F): -200.00 (-0.63%) to 31,639.00

  • Nasdaq futures (NQ=F): -195.50 (-1.62%) to 11,839.75

  • Raw (CL=F): +$0.41 (+0.37%) to $110.70

  • Gold (GC=F): +$8.50 (+0.46%) to $1,856.30 per ounce

  • 10-year treasury (^TNX): +7.2 bps to yield 2.8590%

NEW YORK, NEW YORK – MAY 23: People walk by the New York Stock Exchange (NYSE) on May 23, 2022 in New York City. After a week of steep losses, markets were up in Monday morning trading. (Photo by Spencer Platt/Getty Images)

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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