(MENAFN- Baystreet.ca) Futures Way Lower on Fear Fed is Overdoing it
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Stock futures were lower on Friday to close out another losing week as investors fear the Federal Reserve's aggressive hiking campaign to fight inflation will lead to an economic downturn.
Futures for the Dow Jones Industrials dumped 360 points, or 1.2%, early Friday to 29,789.
Futures for the S&P 500 docked 50 points, or 1.3%, to 3,722.
Futures for the NASDAQ Composite Index dropped 164.75 points, or 1.4%. at 11,400.75.
Friday is set to be the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of three-quarters a point and indicated it would do another at its November meeting.
Major averages are on pace for their fifth decline in the last six weeks. The Dow has given up about 2.4% this week and is nearing its 2022 closing low set in June.
Both the S&P and NASDAQ saw slightly sharper declines, the S&P falling 3% and the NASDAQ losing 3.3%, week to date. The S&P 500 is off by 21% so far in 2022.
Costco was down about 3% in pre-market trading Friday. Although the retailer posted fiscal fourth-quarter revenue and earnings that topped analysts' expectations, it is seeing higher freight and labour costs.
Scholastic shares fell 3.3% after sharing declines of 82% and 74% in operating income and earnings before taxes in the first quarter compared to the same period a year ago. The children's book maker saw a 1% increase in revenue.
In Hong Kong, the Hang Seng fell 1.2%, while markets in Japan were shuttered for holiday.
Oil prices slipped $2.63 to $80.86 U.S. a barrel.
Gold prices faltered $25.40 to $1,655.70 U.S. an ounce.
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