Stock futures pointed lower on Thursday, as a wave of hawkish central bank hikes dampened spirits ahead of Federal Reserve Chairman Jerome Powell’s second day of testimony to Congress.
Futures on the S&P 500 (^GSPC) fell 0.29%, while those on the Dow Jones Industrial Average (^DJI) fell just over 100 points, or 0.31%. Futures on the tech-heavy Nasdaq Composite (^IXIC) lost 0.42%.
Technologies led the way in the previous session, raising questions about stocks’ recent bull run, after Powell hinted at more rate hikes to come in his remarks to lawmakers.
The Bank of England̵[ads1]7;s decision to raise interest rates in the UK by an oversized 50 basis points to 5% stressed policymakers around the world to fight inflation. Earlier on Thursday, Norway and Switzerland raised interest rates to levels not seen for well over a decade.
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