A weak session was building for Friday, with stock futures under pressure and bond yields climbing a day after hawkish comments by the head of the U.S....
U.S. stock futures pointed to losses for Wall Street on Friday, as bond yields climbed and investors continued to weigh up hawkish comments by Federal Reserve Chairman Jerome Powell.
How are stock-index futures trading? On Thursday, the Dow Jones Industrial Average DJIA shed 368.03 points, or 1.1%, to end at 34,792.76. Its more than 700-point intraday swing was its biggest since March 8, according to Dow Jones Market Data. The S&P 500 SPX closed down 1.5% at 4,393.66. Investors were bracing for follow-up from Thursday’s selloff session that intensified into the afternoon after the Fed’s Powell added his support for moving faster on raising interest rates to cool inflation, measures that would include a possible 50 basis point hike in May.
“The broader S&P 500 index has yet to capitulate below recent lows but did see a dramatic rejection of the attempt to trade above the 200-day moving average yesterday,” they said.
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