Stock futures fall, heading for a losing week: Stock market news today
Stock futures fell on Friday, setting the major U.S. benchmarks up for a week of losses as investors come to terms with the prospect of more rate hikes ahead from the Federal Reserve.
Futures on the S&P 500 (^GSPC) were 0.53% lower, while those on the Dow Jones Industrial Average (^DJI) fell nearly 120 points, or 0.35%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) led the declines, down 0.71%. All three are on pace to snap weekly winning streaks if the losses hold.
Fed Chairman Jerome Powell on Thursday doubled down on his view that more rate hikes are needed to curb inflation, joining a global chorus of hawkish central bankers.
That has raised some concerns about the potential hit to economies, although Treasury Secretary Janet Yellen said she now sees a lower risk of a US recession. But a red-hot reading in a key gauge of Japanese inflation has underscored the pressure on policymakers.
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