Stock futures slide as ‘hawkish’ Fed eats away at mood: Stock market news today
Equity futures pointed to losses early on Thursday after the Federal Reserve’s “hawkishness” on Wednesday suggested that more rate hikes are likely later this year, while rate cuts in 2023 are now off the table.
Near 8:35 a.m. ET, Nasdaq futures were down more than 0.7%, while futures tied to the S&P 500 were down about 0.5% and Dow futures were down 0.2%.
Futures took another leg lower early Thursday after data showed May retail sales were stronger than expected in the US. Investors also digested news that the European Central Bank raised interest rates further as monetary policy remains tight across developed markets.
Overnight, however, the People̵[ads1]7;s Bank of China cut its medium-term lending rate for the time since August.
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