Stock Market Today: Futures Fall in ‘Sell First, Ask Questions Later’ Market

NEW YORK (TheStreet) -- U.S. stock index futures were weak Friday, pointing to a potential weekly loss for the benchmark stock indices as investors continued to worry that the global economy was stalling.

Dow Jones Industrial Average futures fell 28 points, or 4.75 points above fair value. S&P 500 futures slumped 2.75 points, or 0.84 points above fair value. Widespread jitters about a cooling Chinese economy and a questionable economic recovery in Europe coming just as U.S. quantitative easing nears its end has brought the S&P down by 2% so far this week. That puts the index on track for a third straight weekly loss.

Nasdaq futures shed 26.5 points, or 16.82 points below fair value.

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Watch the video below for a closer look at how U.S. markets are doing in premarket trading Friday:

"With nearly half of the SPX profits coming from overseas, this has lead to a 'sell first, ask questions later' mentality," said Ryan Detrick, strategist at research firm See It Market. 

The SPX 200-day moving average is now around 1,905, and there hasn't been a close beneath that level for 476 days, according to Detrick. Detrick said this is the third-longest streak since 1950, and that coupled with the fact there hasn't been a 10% correction for 36 months "feels this rally could be getting very long in the tooth."

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