US futures fall with oil as recession fear spreads: Markets Wrap

22/6/2022 5:07:00 PM

US Stocks: US futures fall with oil as recession fear spreads: Markets Wrap - Bloomberg

US Stocks: US futures fall with oil as recession fear spreads: Markets Wrap - Bloomberg

(June 22): US futures dropped with stocks and commodities amid ever-louder warnings that Federal Reserve rate hikes may lead to an economic downturn.Nasdaq 100 contracts were down more than 1.5%, underperforming S&P 500 peers and indicating more declines for heavyweight technology stocks, which have been hammered by rising rates. Haven assets including the dollar, Treasuries and the yen advanced.The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency. With just seven trading days left

(June 22): US futures dropped with stocks and commodities amid ever-louder warnings that Federal Reserve rate hikes may lead to an economic downturn.Nasdaq 100 contracts were down more than 1.5%, underperforming S&P 500 peers and indicating more declines for heavyweight technology stocks, which have been hammered by rising rates. Haven assets including the dollar, Treasuries and the yen advanced.

The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency. With just seven trading days left until the end of June, the index is down 21% since the beginning of the year, a scale unmatched by any start to a year going back to 1970, according to data compiled by Bloomberg.

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A (June 22): US futures dropped with stocks and commodities amid ever-louder warnings that Federal Reserve rate hikes may lead to an economic downturn.A WASHINGTON (June 21): US existing home sales tumbled to a two-year low in May as prices jumped to a record high — topping the US$400,000 mark for the first time — and mortgage rates increased further, pushing out entry-level buyers from the market.for the latest news you need to know.A ISTANBUL (June 22): Twitter’s board of directors unanimously advised shareholders Tuesday to approve Tesla CEO Elon Musk’s bid to purchase the social media giant for US$44 billion.

Nasdaq 100 contracts were down more than 1.5%, underperforming S&P 500 peers and indicating more declines for heavyweight technology stocks, which have been hammered by rising rates. With supply still undesirably low, prices could remain elevated, though sellers are reducing the list price in some areas where bidding wars were prevalent. Haven assets including the dollar, Treasuries and the yen advanced.67 billion) so far in 2022 to about US$11 billion, about a third of the level three years ago. The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency."But in the absence of a deep and sustained economic downturn, home sales should not drop as they did in the housing bust — allowing prices to continue to move higher on average. With just seven trading days left until the end of June, the index is down 21% since the beginning of the year, a scale unmatched by any start to a year going back to 1970, according to data compiled by Bloomberg. Twitter announced on April 25 that a deal had been reached for the sale of the company to Musk, but Musk said on May 13 that it had been temporarily suspended.

Optimism is evaporating that policy makers can achieve a soft landing as they navigate a course of aggressive monetary tightening to tame inflation.4% to a seasonally adjusted annual rate of 5. Once celebrated as a financial wizard, Salameh has been on the defensive since 2019, when Lebanon slipped into an economic meltdown that has seen the currency lose more than 90 per cent of its value. Fed Chair Jerome Powell is expected to reiterate his resolve when he speaks in front of lawmakers Wednesday. Fears about the economy spread to commodities, putting oil in line for a monthly loss. Sales rose in the Northeast, but declined in the Midwest, the West and densely populated South. “Markets are flip-flopping between recession fears and inflation fears,” Paul Donovan, chief economist at UBS Global Wealth Management, said in a note.2 billion dollars since the end of the year,” he said yesterday. “Today it is recession fears.40 million units.

” Skepticism abounds about the outlook for risk assets in a year of steep drops across markets. Deutsche Bank AG’s Chief Executive Officer Christian Sewing joined a growing chorus of executives and policy makers who warn that the global economy may be headed for a recession as Central Banks step up efforts to curb inflation.0 million to 4. Lebanon is set to name a new prime minister tomorrow, who would then be tasked with forming a new government. West Texas Intermediate crude tumbled below US$104 a barrel, with prices falling alongside other raw materials including copper. Concerns about a broad economic slowdown are eclipsing the fallout from the war in Ukraine and signs of still-tight supply. Home resales, which account for the bulk of US home sales, tumbled 8. President Joe Biden plans call on Congress to enact a gasoline tax holiday to cool soaring pump prices and alleviate the pressure on consumers. The statement contradicts the position of Lebanon’s deputy prime minister Saade Chami, who told Reuters he was “not seeing any benefits to keeping” banking secrecy in the country.

In Europe, stocks fell for the first day this week as miners and energy tumbled with commodity prices. Sales in May were mostly closings on contracts signed one to two months ago, before mortgage rates started accelerating amid a surge in inflation expectations and the Federal Reserve's aggressive interest rate hikes. Subscribe to Mid-day email alert We deliver news to your inbox daily .