Stock futures point to gains to finish the week

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Stocks plunge one day after Fed hikes rate as recession fears grow

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U.S. equity futures are poised to rally following a day that saw drastic selling sparked by concerns that economic activity will be depressed by interest rate hikes aimed at cooling inflation.

The major futures indexes suggest a gain of 0.5% when the final trading day of the week gets underway on Wall Street.

Traders working at the NYSE. (AP Photo/Richard Drew / AP Newsroom)

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The benchmark S&P 500 index tumbled 3.3% on Thursday after the Bank of England followed the Federal Reserve in raising its key interest rate to cool surging prices. Central banks in Switzerland and Taiwan also raised rates.

Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery. (REUTERS/Bing Guan / Reuters Photos)

Oil prices edged higher Friday despite concerns about global economic growth. U.S. West Texas Intermediate (WTI) crude futures traded at $118 a barrel. Brent crude futures were at $120 a barrel. U.S. crude futures could still see their first dip in eight weeks.

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Investors have a long weekend to look forward to as stocks and bond markets will be closed on Monday to mark the Juneteeth holiday.

The yield on the 10-year Treasury was 3.26% on Friday morning.

The final economic reports of the week will be the May report on industrial production and the Conference Board's index of economic indicators.

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In Asia, Japan's central bank wrapped up a two-day meeting Friday with no major changes to its ultra-low interest rate policy, imposed years ago to try to fend of deflation, or sinking prices. 

The Nikkei 225 in Tokyo fell 2.2%, the Hang Seng in Hong Kong gained 0.4% and China's Shanghai Composite Index lost 0.4%.

On Wall Street, the S&P 500 retreated to 3,666.77 for its sixth decline in the past seven trading sessions. All but 3% of stocks in the index fell. The S&P 500 is 23.6% below its Jan. 3 record. That erases gains from 2021, one of Wall Street's best years this century.

The Dow Jones Industrial Average lost 2.4% to 3,666.77. The Nasdaq dropped 4.1% to 10,646.10.

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Fewer American workers filed fo unemployment benefits last week than a week before, a report showed on Thursday. 

The Associated Press contributed to this report.

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