London, Wednesday, 29 June 2022
After the major averages closed substantially down overnight, US stock futures held steady in Asian trade on Wednesday as sentiment was still clouded by economic worries.
The three major index futures contracts traded in a flat to somewhat positive range. Tuesday's stock market opened higher before giving up those gains in the wake of a dismal result for the consumer confidence index.
The S&P 500 lost 2.01 percent, the Nasdaq Composite plunged 2.95 percent, and the Dow dropped 1.56 percent. Shares of technology companies focused on growth led the falls, while energy companies outperformed the market as oil prices increased.
Amid ongoing inflation concerns, US consumer confidence hit a 16-month low in June, and short-term expectations dropped to their lowest level in almost a decade.
Officials from the Federal Reserve on Tuesday expressed strong support for aggressive interest rate increases to contain inflation but rejected rising concerns that they could start a recession.
(Report by: The Decision Maker - Finance editor)