After ending Monday firmer, Nasdaq futures lost 1.3%with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28%. S&P 500 futures also lost 0.6%, surrendering some of Monday’s 1.8% bounce.
Unfortunately, China’s zero-COVID policy, with attendant lockdowns, has already done considerable economic damage. Analysts have also been trimming forecasts for the United States given the Federal Reserve seems certain to hike interest rates by a full percentage point over the next two months.
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