A previous version of this report gave an incorrect date for the Federal Reserve Open Market Committee meeting in May. The story has been corrected.
U.S. stock futures were pointing to gains for Wall Street on Wednesday, with tech in focus following mixed results from Microsoft Corp. and Alphabet Inc. and the worst day for the Nasdaq Composite since 2020. Investors are juggling several concerns at once, including fears the Federal Reserve could knock the economy into recession as it battles high inflation, China’s COVID outbreak, an ongoing war in Ukraine and a mixed reporting season.
“Either way, tech and high beta areas of the equity market need to find some inspiration, or a further liquidation can’t be ruled out – at the moment it feels like catching a falling knife,” said Chris Weston, head of research at Pepperstone, in a note to clients.”