Wall Street set for weaker open as the U.S. dollar rallies to 19-year high
U.S. stock futures lost ground as global growth fears weighed on sentiment and the dollar hit a 19-year high.
Traders displayed a reluctance to make fresh bullish bets ahead of potential market-moving news over the next few sessions and the U.S. second-quarter corporate earnings season, which kicks off next week. Indications that the U.S central bank is going to be more aggressive in its tightening cycle than its peers is boosting the dollar. The dollar index DXY, +0.95% rose 0.8% to 106.01, its highest level in more than 19 years, as the euro EURUSD, -1.23% slipped closer to parity with the greenback.
Wall Street analysts’ consensus estimate is for S&P 500 revenue to be 10.4% higher than in the same period last year, with 5.6% earnings growth, according to I/B/E/S data from Refinitiv.
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