Futures slide with European stocks; Apple gains
BNN Bloomberg
Asian stocks Friday may recover some of the losses triggered by the Federal Reserve’s pivot toward tighter monetary policy. U.S. shares ended lower in another volatile Wall Street session that saw the dollar jump.
U.S. futures fell with European stocks at the end of a volatile week as concern about tighter policy overshadowed strong earnings from Apple Inc.
Contracts on U.S. gauges extended losses, after rising earlier in the session. Apple rose in premarket trading, while Chevron Corp. fell on disappointing profits. Losses in tech and auto shares dragged on European benchmarks.
A dollar gauge ticked up, while Treasuries slipped. A measure of credit risk for European junk bonds climbed to the highest level since November 2020.
Markets have been whiplashed by volatility this week as the U.S. Federal Reserve signaled aggressive tightening, adding to investor concerns about geopolitical tensions and an uneven earnings season. Also sapping sentiment on Friday were weak data on the German economy and euro-area confidence.
As investors brace for rising rates, rotating out of frothier equities, value stocks are outperforming.
