After major averages extend their week-opening losses, stock futures decline

Following the Bank of Japan's announcement to expand its yield target range, stock futures declined Tuesday morning, reversing course.

The Dow Jones Industrial Average-related futures dropped 236 points, or 0.72%, in value. Nasdaq 100 futures and S&P 500 futures both decreased by 0.86% and 1.05%, respectively.

The Dow lost about 162 points, or around 0.5%, during regular trade on Monday. The Nasdaq Composite dropped close to 1.5% and the S&P 500 fell about 0.9%. Investors' expectations for a Santa Claus surge are quickly dwindling as stocks are expected to conclude the month and the year in the negative.

"No sign of Santa has been seen recently. "Strap in," said Louis Navellier, the company's creator and the head of growth investing at Navellier & Associates. One would want to think that all the terrible news has been reported. There won't be another Fed action until at least February. We're not gapping down, but we're also not making up for last week's losses either.

Investors were troubled by worries that the Federal Reserve would cause an economic downturn. Following a 50 basis point increase in its benchmark interest rate last week, the central bank's officials signaled that the terminal rate may increase as high as 5.1%.

The European Central Bank raised rates and signaled future increases last week, adding to the pressure on traders from other hawkish central banks.

According to LPL Financial's Lawrence Gillum, fixed income analyst, "over 90% of central banks have raised interest rates this year, marking the (largely) worldwide coordinated effort as unprecedented." "The happy news? The rate-hiking cycles, in our opinion, are about to come to an end, which might alleviate the pressure on the world's financial markets this year.

This week, in advance of the Christmas break, a few large corporations will release their quarterly results. Tuesday before the bell, General Mills will report. Following the bell, Nike and FedEx are expected to report.

Tuesday morning is the deadline for the release of the housing starts data for November. This week promises to be very informative regarding the housing sector. On Wednesday and Friday, respectively, sales information for new and existing properties will be made available.

The Fed's favored inflation gauge, the personal consumption expenditures report for November, is expected on Friday.

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