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S&P 500 Facing More Selling Pressure from Fed Tightening

Skylar Shaw

Jun 20, 2022 14:34

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After a dramatic loss the previous day, September E-mini S&P 500 Index futures closed higher on Friday in a tumultuous session, with the benchmark index swinging back and forth over the break-even line.


The "quadruple witching," which refers to the simultaneous expiry of stock index futures, single-stock futures, stock options, and stock index options, increased market volatility.


The September E-mini S&P 500 Index closed at 3675.75 on Friday, up 4.50 points or 0.12%. The SPDR S&P 500 Trust ETF (SPY) finished the day at $365.84, up $0.77 or 0.21 percent.


Leading Indicators and Industrial Production Weaken


In economic news from the United States, the Federal Reserve issued a report indicating that industrial output rose less than predicted in May. The Conference Board's rating on main U.S. economic indicators continued to fall last month, according to a separate analysis.

More Negative Effects Are More Likely

Despite the fact that economic data was poorer than expected, there was nothing in the reports to indicate a recession was on the horizon or to prevent the Federal Reserve from continuing to tighten policy.


On Friday, Fed Chair Jerome Powell said that the central bank is committed to bringing inflation to its target of 2%. This effectively indicates that higher interest rates are on the way.

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