June 30, 2022: -Stock futures were mixed on Wednesday morning after the major averages failed at a bounce in the last session and as the market prepares to close out the poorest half of the year since 1970.

Futures is attached to the Dow Jones Industrial Average increased by 31 points or 0.1%. S&P 500 futures were changed, and Nasdaq 100 futures decreased 0.1%.

On Thursday, investors are searching for the bottom of a vicious market sell-off as the second quarter finishes. Concern over a slowing economy and fierce rate hikes consumed much of the initial half of 2022, and fears of recession concerns are increasing.

“We expect a huge volatility this summer, with ‘face-ripping’ short-covering rallies after by economically-inspired market is slumping,” Wells Fargo senior equity judge Christopher Harvey said in a note Wednesday. “While a much-anticipated market ‘washout’ could catalyze a more sustained move higher, we think that the market will not sustain a rally until it believes the Fed is toggling from a 50-75bp tightening. To a more mundane 25bp increase.”

The Nasdaq heads toward its worst three-month period since 2008. The S&P 500, down by 20% in 2022, is on pace for its worst first half since 1970, when the index lost 21.01%. Meanwhile, every quarter, both the Dow and S&P 500 are on track for their worst performance since 2020.

In early trading Wednesday, Carnival Corp slid 9% after Morgan Stanley cut its price target on the stock in half and said it could go to zero in the face of another demand shock. The call dragged other cruise stocks lower. Royal Caribbean decreased 4%, and Norwegian Cruise Line Holdings declined 3%.

Bed Bath & Beyond shares plummeted over 14% after the company posted a significant miss on quarterly earnings and revenue expectations and announced its CEO was stepping down.

Meanwhile, Pinterest shares increased by over 4% on news that CEO Ben Silbermann is stepping down.

General Mills shares increased over 2% after the company topped earnings and revenue forecasts for its recent quarters.

Federal Reserve Bank of Cleveland President Loretta Mester said she would advocate for a 75-basis point hike to interest rates at the central bank’s July session if economic conditions remain the same.

“I haven’t seen the kind of numbers on the inflation side that I need to see to think that we can go back to a 50 increase,” she told CNBC.

Investors are looking ahead to comments from Federal Reserve Chairman Jerome Powell at the European Central Bank forum.

Bed Bath & Beyond earnings, General Mills and McCormick are on deck.