US pre-open: Stock futures lower amid ongoing recession fears
Wall Street futures were firmly in the red ahead of the bell on Friday amid concerns that the central bank's aggressive monetary policy may send the US economy into a recession.
As of 1240 BST, Dow Jones futures were 1.19% lower, while S&P 500 and Nasdaq-100 futures had the indices opening 1.33% and 1.47% weaker, respectively.
The Dow closed 107.10 points lower on Thursday as market participants continued to come to terms with the Federal Reserve's decision to hike interest rates yet again.
Major indices looked set to extend losses early on Friday, with investors growing fearful of the Fed's 75 basis points interest rate hike and its prediction that short-term rates will go as high as 4.4% by the end of 2022. Multiple central banks across the globe also followed suit, implementing marked hikes despite potential repercussions for their economies.
Also in focus, bond yields surged early on Friday, with the yields on the 10-year and 2-year Treasury notes notching fresh multiyear highs of 3.817% and 4.255%, respectively, hitting levels not seen since February 2011 and October 2007.
On the macro front, a flash reading of S&P Global's September manufacturing and services PMIs will be published at 1445 BST, while Federal Reserve chairman Jerome Powell will deliver a speech at 1900 BST.
No major corporate earnings were slated for release on Friday.
Reporting by Iain Gilbert at Sharecast.com