HomeFinancial MarketsUS Futures Fall On Friday To Wrap Up Challenging Week

US Futures Fall On Friday To Wrap Up Challenging Week

Stocks on the New York Stock Exchange fell on Friday to bring an end to a tumultuous week of trading. This comes as Treasury yields surged to the 5% mark for the first time since July 2007 as the Federal Reserve Chair Jerome Powell signalled that the central bank remains committed to keeping interest rates high in an effort to continue cooling down inflation.

The Dow Jones Industrial Average slipped by 0.2%, while the S&P 500 fell by 0.3%. The tech-heavy Nasdaq Composite declined by 0.4%. “The underlying message is ‘don’t be looking for a bailout from the Fed anytime soon,” Greg Whiteley, a portfolio manager at DoubleLine said after observing the trajectory of stocks and bonds. “That gives people the go-ahead to take rates above 5%.”

Investors remain concerned about the ongoing Israel-Hamas conflict, with Israel’s defence minister hinting that a ground assault may occur. As they continue searching for signs of economic relief, investors will be on the lookout for earnings reports from American Express, Comerica, and Huntington Bancshares, all expected later in the day.

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