a trader works on the floor of the new york stock exchange nyse june 27 2022 stock futures were flat in overnight trading tuesday after the major averages made a failed attempt at a bounce futures tied to the dow jones industrial average edge 009 or 29 points while the sp 500 and the nasdaq composite rose marginally higher pinterest shares jumped more than 4 after hours on news that ceo ben silbermann is stepping down during regular trading on tuesday the dow jones industrial average dropped 49127 points or 156 to 3094699 while the sp 500 slid 201 to 382155 the nasdaq composite fell 3 to 1118154 major averages rallied earlier in the session with the dow and sp 500 up as much as 446 points and 117 respectively markets gave up those gains following a disappointing consumer confidence index reading which came in at 987 and missed dow jones estimate of 100 the moves followed slight losses in mondays session after the averages posted their best week for june last week as the second quarter comes to an end on thursday there are rising recession fears concern over a slowing economy and aggressive rate hikes consumed much of the first half of 2022 as investors continue to search for a bottom to a vicious market selloff the sp 500 which is down about 20 in 2022 is on pace for its worst first half of the year since 1970 when the index lost 2101 meanwhile on a quarterly basis both the dow and sp 500 are on track for their worst performance since 2020 the nasdaq is headed toward its worst threemonth period since 2008 all the major averages ended tuesdays session in the negative except for energy which rose 27 as oil prices rallied just three dow stocks ended the day higher with the losses led by nike shares of the sportswear company fell 7 after it warned that higher transportation costs and shipping delays would likely persist beatenup chip stocks nvidia and advanced micro devices ended the day more than 6 lower while big technology names including netflix amazon and meta platforms closed down about 5 each as long as the selloff is orderly the fed is not concerned with the level of stock prices guggenheim partners global cio scott minerd told cnbcs closing bell overtime on tuesday the bottom line is until we see some amount of panic here or something that gets the central bankers concerned they are just hellbent to get inflation under control investors on tuesday continued to keep a close eye on china which eased covid restrictions for inbound travelers and slashed quarantine time to seven days casino stocks wynn resorts and las vegas sands moved higher on the news on wednesday investors are looking ahead to comments from federal reserve chairman jerome powell at the european central bank forum earnings from bed bath  beyond general mills and mccormick are also on deck