To The Moon

Stock futures were flat after the Dow Jones Industrial Average slumped more than 200 points during Monday’s session, reversing an earlier rally as earnings season continued in earnest. Late in the trading session, stocks were dragged down on a Bloomberg report that Apple would slow hiring and spending on growth next year to prepare for a potential economic downturn. Shares of the iPhone maker ended the day about 2.1% lower. Monthly homebuilder sentiment plunged 12 points to 55, the lowest since the start of the pandemic, according to a report Monday from the National Association of Home Builders. Confidence is coming under pressure in a host of economic sectors as the Federal Reserve continues its campaign to raise interest rates to tame high inflation. The Fed’s next policy meeting wraps up on Wednesday, July 27.