REUTERS: U.S. stock index futures fell on Friday, as a batch of weak Chinese data raised concerns about global growth a day after the Federal Reserve hinted at gradual tightening of borrowing costs. This gave investors a reason to keep away from risky assets, with worries about rising interest rates and the effects of the U.S.-China trade war taking the shine off a decade-long bull run for U.S. stocks this year. The S&P energy sector , which is down 4.85 percent this year and is lagging the broader S&P 500 index , could come under more pressure as U.S. crude price continues to lose ground. It has fallen more than 20 percent from its Oct.3 high, confirming a bear market as investors focused on swelling global crude supply. Shares of copper miner Freeport McMoran Inc dropped 2.8 percent in premarket trading as price of the metal, considered an economic bellwether, hit a one-week low. Trade-sensitive stocks such as Boeing Co and Caterpillar Inc fell more than 1 percent. “Worries about trade war and how the slowdown in China will impact the rest of the world mean stocks appear to be more risky, so there’s a typical risk-off move in markets today,” said DZ Bank rates strategist Pascal Segesser. Despite the worries, the main U.S. stock indexes are on track to post strong weekly gains as the midterm elections on Tuesday offered relief to investors, with the results coming in largely as anticipated. The Fed, as expected, left interest rates unchanged… [Read full story]
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