U.S. stocks slump under weight of renewed yield surge - BNN Bloomberg

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Stocks slid along with U.S. equity futures as disappointing results from tech giants soured sentiment and marred a tentative recovery in equities.

Contracts on the tech-heavy Nasdaq 100 slumped more than one per cent on Amazon.com Inc.'s plunge after hours as its sales forecast trailed estimates. S&P 500 futures and the Stoxx Europe 600 were as much as 0.7 per cent lower after trimming a loss of about 1 per cent each.

Despite the downturn, the S&P 500 is heading for a second week of gains for the first time since August. The ECB delivered a second straight 75 basis-point hike on Thursday but dropped a prior reference to rate increases continuing for “several meetings,” an outcome that was considered dovish. Economists still expect the Federal Reserve to hike by three-quarters of a percentage point for the fourth time in a row next week -- and tighter policy is starting to crimp corporate earnings.

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