Nasdaq futures fall on Monday, head for fifth-straight decline

Stock futures moved lower early Monday after a rocky start to 2022 for equity markets as interest rates rise.

Futures tied to the Dow Jones Industrial Average were down 41 points. S&P 500 futures slipped 0.25% and Nasdaq 100 futures dropped 0.5%. The S&P 500 and Nasdaq Composite are coming off four straight days of losses, while the Dow has retreated in three consecutive sessions.

The rough start to the year for stocks has come as interest rates have spiked. The benchmark 10-year Treasury yield was near 1.77% on Monday morning after ending the year near 1.51%. On Sunday, Goldman Sachs said it expected the Federal Reserve to hike rates four times in 2022.

Investors readied for a big week that will include key inflation data as well as a confirmation hearing for Federal Reserve Chairman Jerome Powell.

The consumer price index is set for release Wednesday and is expected to show a year-over-year increase of 7.1%, according to Dow Jones estimates. The producer price index, which measures wholesale prices, is slated for Thursday.

Powell is scheduled to testify Tuesday at his nomination hearing before a Senate panel, while the hearing on Fed Governor Lael Brainard's nomination to the post of vice chair is set for Thursday. While both are expected to be confirmed, the hearings could provide key information about the future of monetary policy.

Earnings season also kicks off this week. The S&P 500 is expected to show a growth rate of 21.7%, which would be the fourth straight quarter above 20%, according to FactSet.

Financial heavyweights JPMorgan Chase, Citigroup and Wells Fargo release quarterly results Friday.

The three major stock averages all fell in the first week of the year. The S&P 500 slid 1.9% last week and the Nasdaq Composite dropped 4.5%. The Dow outperformed, fading just 0.3%.

Stocks, particularly high-growth names, have struggled as interest rates tick higher.

"As we kick-started 2022 this week, trading attention fell on a definitive rotation into value and pro-cyclical stocks and out of growth as investors digested a sharply higher rate environment," Goldman Sachs' Chris Hussey said in a Friday note.