Futures drop after another day of losses after Fed rate hike and massive selling

Stock futures fell on Friday morning as investors continued to react to the Federal Reserve’s rate hike and concerns about a possible economic downturn.

The Nasdaq 100 is down 0.48%. Dow Jones Industrial Average futures fell 91 points, or 0.3%. S&P 500 futures rose 0.36%.

costco The stock was down about 2.6% in extended trading. Although the retailer reported fiscal fourth-quarter revenue and profits that beat analysts’ expectations, it’s seeing a rise in shipping and labor costs.

Thursday brought Another day of losses The market is still about to finish the week below where it started. The Nasdaq Composite fell 1.4% to 11,066.81. The S&P 500 fell 0.8% to 3,757.99, while the Dow Jones Industrial Average ended the day down 107.10 points at 30,076.68, a loss of 0.3%.

With the recent pullback, the Dow has shed 2.4% this week. The S&P and Nasdaq have seen slightly sharp declines, down 3% and 3.3%, respectively, for the week so far.

Bond yields also continued ascending upwardThe two-year and 10-year Treasury bonds are at levels not seen in over a decade.

Industries, consumer appreciation, growth technologies and semiconductors have been hit amid fears of slowing growth in the economy. Meanwhile, defensive stocks outperformed.

“You just got this volatility that no one seems to be able to control,” said Tim Lesko, senior wealth advisor at Mariner Wealth Advisors.

Lesko said more investors are beginning to accept that a recession may be on the horizon after the Federal Reserve’s decision this week to raise interest rates by 75 basis points and FedEx CEO Raj Subramaniam. saying on CNBC last week that He thought someone was imminent. Once that happens, Lesko said, investors will react differently.

“At some point, they’ll find out that a recession doesn’t mean the end of the world, and they’ll start building on stocks again,” he said. “But for now, we are acting as if the sky is falling.”