Stock futures fall after Wall Street closed out August with losses

U.S. stock futures fell on Thursday morning after the major averages closed out August with losses and investors considered the Federal Reserve's fight against inflation. Dow Jones Industrial Average futures fell by 140 points, or 0.44%. S&P 500 and Nasdaq 100 futures declined 0.71% and 1.19%, respectively. Those moves follow four straight days of losses in the major averages. On the final day of August, the Dow Jones Industrial Average slid nearly 0.9%. The S&P 500 lost about 0.8%, and the Nasdaq Composite fell roughly 0.6%. The Dow closed the month down about 4.1%, while the S&P and Nasdaq recorded losses of 4.2% and 4.6%, respectively. Investors are debating whether stocks will again challenge the June lows in September, a historically poor month for markets, after weighing recent hawkish comments from Fed officials who show no signs of easing up on interest rate hikes. On Wednesday, Cleveland Federal Reserve President Loretta Mester said she expects interest rates to rise above 4% before the central bank can start pulling back. The current fed funds rate is 2.25%-2.50. "If we retest the lows, I think it happens in September," SoFi's Liz Young said Wednesday on CNBC's "Closing Bell: Overtime." However, she added, "I think in order to do so, something would have to get materially worse than it was on June 16," when stocks bottomed, such as earnings revisions that come in worse than investors are expecting.

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Dow futures sink 300 points as Friday's rout on Wall Street looks set to continue

Traders work on the floor of the New York Stock Exchange (NYSE) on August 26, 2022 in New York City. Spencer Platt | Getty Images

Stock futures fell on Sunday evening as investors tried to shake off a sharp decline in stocks at the end of last week. Futures for the Dow Jones Industrial Average slid 300 points, or about 0.93%. Those for the S&P 500 and the Nasdaq 100 dropped 1.18% and 1.6%, respectively. The moves in futures come after a brutal sell-off for Wall Street on Friday, when Federal Reserve Chairman Jerome Powell's short and blunt remarks in Jackson Hole, Wyoming, appeared to extinguish hopes of the central bank changing its aggressive course of rate hikes in the months ahead. The Dow fell 1,008 points, or just over 3%, for its worst day since May. The S&P 500 and Nasdaq Composite fell 3.4% and 3.9%, respectively, for their worst days since June. The drop erased the August gains for all three averages. "Investors again cut back on their recent Risk-On positioning, supporting our view that it is way too soon to call their recent risk appetite a more permanent stance, and now one more likely to have cost them badly," Rick Bensignor of Bensignor Investment Strategies said in a note to clients.

The coming week brings more Fed speeches, including Vice Chair Lael Brainard on Tuesday, before August's nonfarm payrolls report on Friday.

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Several dead in Netherlands street party accident

Fast News

Truck rolls into street party in Nieuw Beijerland town, leaving multiple casualties, police say.

Photographs from the scene identified the truck as belonging to the El Mosca company, based in Spain. (twitter/@realzaidzayn)

Several people have died in an incident when a truck rolled into a street party in the town of Nieuw Beijerland in the south of the Netherlands. Police said on Saturday it was investigating the incident, which happened at about 7 pm, around 30 kilometres south of Rotterdam. "At some point a truck went off the road and crashed into the party," police spokesperson Elianne Mastwijk told local broadcaster Rijnmond. Dutch broadcaster NOS said at least three people died. Police said they were investigating what caused the truck to leave the road in the village of Nieuw-Beijerland just south of Rotterdam and career down the side of a dike. Pictures published by Rijnmond and other local media websites showed a heavy truck from a Spanish transport company at the bottom of a small dyke, amid broken picnic tables. The truck's driver, who was not injured, has been arrested and taken into custody by the police, the NOS national broadcaster said. Source: TRTWorld and agencies

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US residents protest 'Fast and Furious' street races in LA

Residents voice anger at planned taping of "Fast X" in Angelino Heights, a historic area near downtown Los Angeles which is home to Vin Diesel's fictional character Dominic Toretto in the long-running film series.

Los Angeles has seen a 30 percent increase in fatalities and a 21 percent increase in serious injuries due to traffic violence over the last year. (AFP)

A Los Angeles neighbourhood featured in the "Fast and Furious" movies has held protests against the filming of the franchise's latest installment, claiming the community has been blighted by a spate of illegal and dangerous street racing. Residents on Friday voiced anger at this weekend's planned taping of "Fast X" in Angelino Heights, a historic area near downtown Los Angeles which is home to Vin Diesel's fictional character Dominic Toretto in the wildly popular, long-running film series. The movies depict the underground world of street racing, helping to popularise practices such as "street takeovers" in which crowds gather –– usually at night –– to watch cars rev their engines and screech at high speeds around city streets. Damian Kevitt, a local resident and founder of Streets Are For Everyone (SAFE), said the Hollywood film series "glorifies an illegal activity" and as a result, Angelino Heights had become "a tourist destination for illegal street racing." "Friday, Saturday, Sunday nights, there'll be three, four, five, six cars coming through here, doing burnouts, doing donuts," said Kevitt. "There was not street racing in this community before 'Fast and Furious' was filmed here," he added. Bella, another resident who declined to give her last name, said her children were traumatised from being constantly awoken by the sound of cars outside her home at night and were now too scared to play outside the house. "They've seen when the car spins out of control and practically hits the pedestrian that's standing right on the corner," she said. Universal asked to add disclaimer Los Angeles has seen a 30 percent increase in fatalities and a 21 percent increase in serious injuries due to traffic violence over the last year, according to the Los Angeles Police Department. Bella called for Universal Pictures to move future filming elsewhere, while SAFE has asked the city to install speed humps and implement a zero-tolerance policy on street racing. The group has also asked Universal to add a disclaimer to the "Fast and Furious" movies discouraging street racing. The studio did not immediately respond to an AFP news agency request for comment. The first installment, "The Fast and the Furious," was released by Universal Pictures in 2001, and the franchise has become the eighth-highest-grossing film series in history, taking over $6.6 billion worldwide across ten movies. "Fast X" is due to be released next May. Source: AFP

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Stock futures fall as Wall Street looks ahead to Jackson Hole

Traders on the floor of the NYSE, Aug. 9, 2022. Source: NYSE

U.S. stock futures fell on Sunday night following a halt in the summer rally last week, as fears of aggressive interest rate hikes returned to Wall Street. Dow Jones Industrial Average futures slid by 93 points, or 0.28%. S&P 500 and Nasdaq 100 futures dipped 0.35% and 0.53%, respectively. On Friday, the S&P 500 closed down 1.29%. The Dow Jones Industrial Average dropped 292 points, or 0.86%, and the Nasdaq Composite dropped 2.01%. Those moves come ahead of what could be a volatile week of trading on Wall Street. Investors are anticipating Fed Chairman Jerome Powell's latest comments on inflation at the central bank's annual Jackson Hole economic symposium. "We've written a couple of times recently about wait and see trading ahead of key events/releases... and how that can set the stage for greater volatility around the events themselves, and we may see a bit of that play out next week as investors await the symposium," read a Friday note from Susquehanna's Christopher Jacobson.

On the earnings front, traders are expecting Palo Alto Networks and Zoom Video to report results Monday after the bell.

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Small plane crashes on street video

A video of a small plane crashing onto a street is going viral on social media platforms. 

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The viral video was filmed by Amanda Skuban and Raiah Collins. It showed the plane descending and crashing on the corner of a street in Orlando city in Florida state in the United States. 

Terrifying video shows small plane crash onto University Boulevard in Orlando – pilot had minor injuries and no one was hurt https://t.co/LEWC83HoxD

pic.twitter.com/fG4Y47iCoH

— philip lewis (@Phil_Lewis_) August 20, 2022

The pilot reportedly suffered minor injuries. The Florida Highway Police said the plane crashed because of mechanical failure. They stated the Federal Aviation Authority and the National Transportation Safety Board will investigate the crash.

Riah Collins said they were fortunate and were glad that the pilot is alive.

Related – Horrific: Plane crash lands on bridge, hits vehicle head-on

Ben Stillman, who lives close to the crash site, said the locals first assumed it was a car accident but it was not it. 

“We heard a big crash, kinda like a car crash, and we assumed it was a car crash,” he said as quoted by a foreign news agency. “Our house is right over there and we peeped over the fence and we just see this plane sitting in the driveway.”

Nick Mladenovic and Joshua Geller, who also reside in the area, said it sounded like a dump truck had crashed into something.

The debris was removed and the lanes of University Boulevard reopened for traffic. 

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