U.S. stock index futures fell on Wednesday after warnings of a looming recession from major Wall Street bankers offset any optimism over the CCP’s easing of strict zero-COVID restrictions in China that hampered the global supply chain.
Top executives at Goldman Sachs Group Inc., JPMorgan Chase & Co., and Bank of America Corp. said on Tuesday that inflation would erode consumer spending power and a mild to more pronounced recession was likely ahead.
Mega-cap technology and other growth stocks such as Microsoft Corp., Apple Inc., Meta Platforms Inc., Nvidia Corp, and Tesla Inc. dropped between 0.4% and 1.9% in premarket trading.
Concerns around a steep rise in borrowing costs have boosted the dollar and dented demand for risk assets such as equities this year, with the S&P 500 snapping a three-year winning streak and sinking 17.3% so far in 2022.
MacDailyNews Take: We’ll have a double dip with sprinkles!
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