us stock futures pointed to a fourth day of declines on monday as worries about fed rate rises persisted  on friday the dow jones industrial average djia fell 630 points or 211 to 29297 the sp 500 spx declined 105 points or 28 to 3640 and the nasdaq composite comp dropped 421 points or 38 to 10652 the nasdaq composite was down 319 for the year to date us stocks were in line for a fourth consecutive session of losses as concerns about additional interest rate rises by the federal reserve continued to dampen sentiment trading was expected to be somewhat thinned by the columbus and indigenous people’s day holiday which closed the treasury market soft data a week ago raised hopes that the fed would soon pause its monetary tightening cycle in its battle to suppress multidecade high inflation and the market subsequently rebounded off its near twoyear lows but a strong jobs report on friday crushed that fed “pivot” narrative and stocks plunged again the 5day round trip saw an average move for the sp 500 of 19 little surprise then that the cboe vix index vix  a gauge of expected sp 500 volatility sat on monday at 314 more than 50 above its long term average of 20 “the market response to friday’s us jobs report was characteristic of a bear market in equities us indices reversed sharply in the absence of the bad economic news required to shake the fed’s hawkish determination” said ian williams strategist at peel hunt jonathan krinsky chief market technician at btig was pessimistic about the market’s prospects noting that despite many traders expressing bearishness the aaii stock allocation survey suggests they remained relatively heavily invested “the total stock allocation is still 634 the spread between the stock allocation and  bulls is 36 this compares to 7 at the 2002 lows and 3 at the 2009 lows” krinsky wrote in a note to clients he added that those hoping the sp 500 could enjoy a vshaped bounce off its 200week moving average like it did in 2018 will be disappointed “while it may have felt that way after the mondaytuesday rally our sense is we break lower this week and head towards the 3400 level later this month” now traders will look toward more data due later in the week for further guidance on fed thinking and equity valuations the us producer price numbers will be released on wednesday and the consumer prices report on thursday the last of their kind before the fed’s ratesetting meeting on november 2nd then on friday thirdquarter corporate earnings season really kicks into gear when big banks like jpmorgan jpm and citigroup c present their numbers “the estimated earnings growth rate for the sp 500 is 24 if 24 is the actual growth rate for the quarter it will mark the lowest earnings growth rate reported by the index since q3 2020 57” said john butters senior earnings analyst at factset further hurting risk appetite on monday was additional gains for the dollar whose strength is considered a drag on the earnings of us multinationals the dollar index dxy rose 03 to 11315 as the euro broke back below 097 after russia sent missiles into cities across ukraine