U.S. equities struggled to find their footing after biggest selloff in two months as concerns about higher borrowing costs continued to damp investor sentiment
U.S. stock futures on Wednesday were struggling to rally after the latest selloff that sent the Dow industrials down by nearly 700 points.
How are stock-index futures trading On Tuesday, the Dow Jones Industrial Average DJIA fell 697 points, or 2.06%, to 33130, the S&P 500 SPX declined 82 points, or 2%, to 3997, and the Nasdaq Composite COMP dropped 295 points, or 2.5%, to 11492. However, recent data has shown the U.S. economy remains resilient in the face of the Fed’s sharp tightening of monetary policy, and this has pushed bond yields higher in anticipation of further Fed hawkishness.
“High hopes that the Federal Reserve could cut rates by the end of the year have been dashed, replaced by worries that up to three hikes in quick succession may be needed to tame the price spiral,” Streeter added.
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