U.S. stock index futures tumbled on Friday as gloomy forecasts from megacaps Amazon and Apple heightened fears that the Federal Reserve's aggressive interest rate hikes were finally slowing the economy and could hammer corporate earnings.
, which reported downbeat earnings earlier this week, were down between 0.4% and 1.3%. Their shares are down between 6% and 25% for the week.
While another 75 basis point rate hike from the Fed next week is largely priced in, traders are now waiting for a key U.S. inflation data due at 8:30 am ET to gauge whether the central bank could ease its pace of rate hikes in December.
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