Stock futures crater as Fed, growth fears intensify

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Yahoo Finance

Stock market news live updates: Stock futures crater as Fed, growth fears intensify

Alexandra Semenova · Reporter
Fri, September 23, 2022 at 6:55 AM · 2 min read

U.S. stock futures slid Friday morning as fears of aggressive Federal Reserve policy saw equity markets pace towards a big weekly loss and Treasury yields continue a perilous climb to fresh highs.

Futures tied to the benchmark S&P 500 tumbled 1.2% in the early trade, while those on the Dow Jones Industrial Average plunged more than 300 points, or 1.1%, touching the lowest level since March 2021. Technology stocks led the way down, with Nasdaq futures off by a hefty 1.3%.

Meanwhile, the 10-year U.S. Treasury note spiked above 3.7, hitting the highest level since 2010. The U.S. dollar index reached a fresh two-decade high of 112.10. And in commodity markets, crude oil fell, with West Texas Intermediate (WTI) futures down 2.3% to $81.57 per barrel and Brent crude oil off by 2% at $88.61 per barrel.

The moves come after Federal Reserve officials raised interest rates by 75 basis points for a third straight time earlier this week and Chair Jerome Powell implied in hawkish remarks that policymakers were prepared to accept economic pain in exchange for restoring price stability. ... Goldman Sachs has slashed its year-end 2022 target for the S&P 500 index by about 16% to 3,600 points from 4,300.

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