U.S. stock futures sharply lower as inflation jitters continue
U.S. stock futures looked set to break below the lows of May, as financial markets continue to reel from a surprise acceleration in inflation just days ahead of a Federal Reserve interest-rate decision.
The S&P 500 ended Friday only fractionally above the May closing low of 3900.79. The Dow and the Nasdaq also are in danger of falling below May’s lows. In addition to speculation that the Fed may lift interest rates as much as 75 basis points on Wednesday, the yield on the 2-year Treasury TMUBMUSD02Y, 3.186% has climbed to 3.20% — up from 2.80% on Thursday.
The tightening isn’t limited to the U.S. Last week, the European Central Bank suggested it could follow up a quarter-point rate hike in July with a 50-basis point move in September, as the Bank of England also readies another rate hike this week.
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