Contracts for the Nasdaq 100 fell more than one per cent, after a two-day rally in the underlying index ground to a halt on Tuesday when Microsoft warned of decelerating revenue growth in its cloud-computing business. Earnings reports from companies such 3M Co. and chipmaker Texas Instruments Inc. also reinforced concerns about the health of corporate America and added to investors' jitters as they await updates from the likes of Tesla Inc. and IBM Corp.
A weak earnings outlook, fears of US recession as well as the potential escalation in the Ukraine-Russia war were all contributing to the market pullback, according to Kenneth Broux, a strategist at Societe Generale. “The market is definitely worried about slowing earnings growth especially on tech, so there has been a sense the market wants to keep selling tech and the dollar,” Broux said.
If additional hostilities with Russia don't materialise, the dollar downtrend would continue, given the Federal Reserve is widely expected to wind down its policy-tightening cycle in coming months and recent data, including business activity figures on Tuesday, implied a looming recession.
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