{"id":26466,"date":"2023-06-23T09:15:23","date_gmt":"2023-06-23T13:15:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stock-futures-under-pressure-on-fears-global-central-banks-could-drive-recession\/"},"modified":"2023-06-23T09:15:25","modified_gmt":"2023-06-23T13:15:25","slug":"u-s-stock-futures-under-pressure-on-fears-global-central-banks-could-drive-recession","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26466","title":{"rendered":"U.S. stock futures under pressure on fears global central banks could drive recession"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002204526\" role=\"document\">\n<p>U.S. stock index futures fell Friday as investors pushed toward the perceived safety of bonds and the U.S. dollar as a wave of central bank interest rate hikes across Europe fueled concerns that too-aggressive central banks could drive a global recession.<\/p>\n<h2>How are stock-index futures trading?<\/h2>\n<ul class=\"articleList\">\n<li>\n      S&amp;P 500 futures<br \/>\n        ES00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209948968\/delayed\" class=\"negative\">-0.73%<\/bg-quote><br \/>\n       fell 22.75 points, or 0.5%, to 4,401<\/p>\n<\/li>\n<li>\n      Dow Jones Industrial Average futures<br \/>\n        YM00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210407078\/delayed\" class=\"negative\">-0.55%<\/bg-quote><br \/>\n       fell 105 points, or 0.3%, to 34,106<\/p>\n<\/li>\n<li>\n      Nasdaq-100 futures<br \/>\n        NQ00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210219788\/delayed\" class=\"negative\">-1.04%<\/bg-quote><br \/>\n       slid 115.25 points, or 0.7%, to 15,0987<\/p>\n<\/li>\n<\/ul>\n<p>On Thursday, the Dow industrials<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n       fell 4.81 points, or less than 0.1%, to close at 33,946.71. The four-day slide is the blue-chip gauge\u2019s longest losing streak since a five-day drop that ended on May 25, according to Dow Jones Market Data. The S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.37%<\/bg-quote><br \/>\n      \u00a0rose 16.20 points, or 0.4%, to end at 4,381.89. The Nasdaq Composite\u00a0<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+0.95%<\/bg-quote><br \/>\n       gained 128.41 points, or 1%, finishing at 13,630.60.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Concerns that central banks may  be too aggressive in raising interest rates to quell inflation and thereby derailing global economic growth were back on the table for Friday, after fresh data showed a loss of momentum for business activity in the eurozone for June, according to a purchasing managers survey.<\/p>\n<p>The European Central Bank has vowed to press on with interest rate increases in a bid to push inflation down. Thursday saw a wave of interest-rate hikes across the Atlantic, with the Bank of England and Norway\u2019s central bank both hiking rates by 50 basis points with promises that more could come, along with hikes from Switzerland and Turkey as well. <\/p>\n<p>Federal Reserve Chairman Jerome said Thursday that senior Fed officials largely expect the Fed to raise interest rates \u201ca couple of times\u201d later this year, though timing depends on data.<\/p>\n<p>Jitters were showing up as the dollar<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.46%<\/bg-quote><br \/>\n       rose 0.7% against a basket of major currencies \u2014 the euro<br \/>\n        EURUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210561242\/realtime\/sampled\" class=\"negative\">-0.57%<\/bg-quote><br \/>\n       fell 1% against the dollar \u2014 while the yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.704%<\/bg-quote><br \/>\n       fell five basis points to 3.744%. Yields on 10-year U.K. gilt<br \/>\n        TMBMKGB-10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">4.270%<\/bg-quote><br \/>\n       and 10-year German bunds were down by 10 basis points or more. Crude prices<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-2.16%<\/bg-quote><br \/>\n       fell 1.6% to $68.49 a barrel. <\/p>\n<p>However, U.S. Treasury Secretary Janet Yellen said recession risks have faded \u201cbecause look at the resilience of the labor market, and inflation is coming down,\u201d in an interview with Bloomberg that published Friday. <\/p>\n<p>Neil Wilson, chief market analyst at Finalto, told clients in a note that Yellen is missing the point as the global economy is \u201centering a new phase.\u201d<\/p>\n<p>\u201cInflation is yesterday\u2019s story \u2013 apart from in the U.K. \u2013 and we now enter the stagnation and recession phase. The risk regime is shifting from inflation to growth. That is not to say that inflation remains elevated \u2013 we are in a new inflationary paradigm, but don\u2019t think central banks will throw every last basis point at getting core inflation down from 4% to 2%,\u201d he said.<\/p>\n<p>What central banks\u00a0will have to accept is that higher inflation will become the new normal. \u201cWhether mandates are adjusted may be a matter of taste. In the words of Mike Tyson, everyone has a plan until they get punched in the mouth,\u201d Finalto said.<\/p>\n<p>In the U.S. on Friday, the S&amp;P flash U.S. services and manufacturing purchasing managers index for June are due at 9:45 a.m. Eastern. Cleveland Fed President Loretta Mester is expected to speak at 1:40 p.m.<\/p>\n<h2>Companies in focus <\/h2>\n<ul class=\"articleList\">\n<li>\n       <strong>3M Co. <\/strong>shares<br \/>\n        MMM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205029460\/composite\" class=\"negative\">-1.02%<\/bg-quote><br \/>\n       rose 3% after the materials and chemicals company, and Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n       component, offered $10.3 billion to settle claims it was responsible for so-called \u201cforever chemicals\u201d in drinking water. <\/p>\n<\/li>\n<li>\n       <strong>Virgin Galactic Holdings Inc<\/strong>.<br \/>\n        SPCE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208333884\/composite\" class=\"negative\">-6.83%<\/bg-quote><br \/>\n       dropped 15% in premarket trading after the space-tourism company said late Thursday in a filing it\u2019s seeking to raise $400 million to scale up its business and improve its fleet.   <\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-under-pressure-on-fears-aggressive-global-central-banks-could-drive-recession-7f695ef8?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stock index futures fell Friday as investors pushed toward the perceived safety of bonds and the U.S. dollar as a wave of central bank interest rate hikes across Europe fueled concerns that too-aggressive central banks could drive a global recession. How are stock-index futures trading? S&amp;P 500 futures ES00, -0.73% fell 22.75 points, or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-26466","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stock futures under pressure on fears global central banks could drive recession | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stock index futures fell Friday as investors pushed toward the perceived safety of bonds and the U.S. dollar as a wave of central bank interest rate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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