Stocks, bonds fall on inflation worries; dollar up: markets wrap

Stocks slid with bonds Friday and the dollar rose as inflation, rising borrowing costs and China’s Covid lockdowns depressed sentiment. European stocks extended their losses and were set for the worst weekly drop in two months, with leisure and technology shares among the biggest losers. Asian stocks retreated, although the overall loss was smaller than Thursday’s slide of more than 3.5% in the S&P 500 index and 5% in the Nasdaq 100 gauge. US futures were lower.

“Learning to live with tighter liquidity will not be a smooth process, in our opinion, although froth has already been taken away from some parts of financial markets,” Barclays strategist Emmanuel Cau wrote in a note. “Investors should keep their seat belt on.” Elevated commodity prices are feeding into rising costs. West Texas Intermediate crude has topped $108 a barrel on supply concerns stemming from a European Union proposal to sanction Russian oil.

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