After key averages continue to lose ground to start the week, stock futures decline

Tuesday morning saw a decline in stock futures as a result of the Bank of Japan's announcement to expand its yield target range.

The Dow Jones Industrial Average futures declined 236 points, or 0.72%. Futures for the S&P 500 and Nasdaq 100 decreased by 0.86% and 1.05%, respectively.

On Monday, the Dow lost more than 162 points, or around 0.5%, during regular trade. The Nasdaq Composite lost over 1.5%, while the S&P 500 dropped by 0.9%. Investors' hopes for a Santa Claus surge are dwindling quickly as the stock market is expected to end both the month and the year in the red.

"Santa has yet to be spotted. The company's creator, Louis Navellier, who also founded Navellier & Associates, advised investors to buckle up. "One would like to believe that all the terrible news is out there. The earliest that the Fed will act again is in February. Although we aren't gapping lower, we are also not making up for last week's losses.

Investors were troubled by worries that the Federal Reserve would cause the economy to enter a recession. The central bank increased its benchmark rate by 50 basis points last week, and decision-makers said the terminal rate may increase as high as 5.1%.

With the European Central Bank hiking rates and signaling further increases last week, other central banks in hawkish mode added to the pressure on the market.

According to Lawrence Gillum, fixed income analyst at LPL Financial, "almost 90% of central banks have increased interest rates this year, making the (largely) worldwide coordinated effort unprecedented." "Good news, right? We believe that these rate-hiking cycles are about to come to an end, which should alleviate the pressure on international financial markets this year.

Several significant businesses will release their quarterly results this week, just before the Christmas break. On Tuesday, General Mills will report before the bell. After the bell, Nike and FedEx are scheduled to report.

Housing starts figures for November are due Tuesday morning in terms of economic data. This week should reveal a lot about the property market. New and existing house sales information will be made public on Wednesday and Friday, respectively.

The personal consumption expenditures data for November is due on Friday and is the Fed's preferred indicator of inflation.