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16 Jun 2022
U.S. Stock Index Futures Fell Sharply amid Rising Recession Fears
The Index Today
U.S. stock index futures fell sharply on Thursday after the Federal Reserve's biggest rate increase and amid worries of a recession.
Mega-cap firms Apple Inc (NASDAQ:AAPL) and Microsoft Corp (NASDAQ:MSFT) fell 3% each in premarket trading, with Nasdaq 100 futures plunging by a similar margin.
Geir Lode, head of global equities at Federated Hermes said, (NYSE:FHI) Limited said, "We view it as increasingly likely that a recession and higher unemployment will be necessary to tame inflation: with such a gloomy macro picture looming over the markets."
Following the Fed meeting, Wells Fargo (NYSE:WFC) said the odds of a recession now stand at more than 50%.
The S&P 500 is down 20.5% year-to-date and is in a bear market as investors grapple with a sharp slowdown in growth. The Nasdaq Composite and the S&P 500 indexes were set to mark their 10th weekly decline in past 11 weeks.
At 6:40 a.m. ET, Dow e-minis were down 601 points, or 1.96%, S&P 500 e-minis were down 91.25 points, or 2.41%, and Nasdaq 100 e-minis were down 330.75 points, or 2.84%.
On the equities front, Morgan Stanley (NYSE:MS) led losses among major U.S. banks with a 2% slide.
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