Recession worries dent stocks, weigh on US futures: markets wrap

Stocks slipped and US equity futures wavered Monday, sapped by a dimming economic outlook that’s also cooling expectations for peak interest rates and supporting sovereign bonds. Declines in Japan as well as in Chinese technology shares dragged down Asian equities. S&P 500 and Nasdaq 100 futures struggled to stay out of the red, while European contracts shed more than 0.5%.

“We still see further downside for risky assets as recession fears accumulate and central banks remain committed to fighting inflation at the expense of growth,” wrote Eric Robertsen, chief strategist at Standard Chartered Bank Plc. Swaps tied to Fed meeting outcome dates indicate another 75 basis-point interest-rate hike Wednesday. Expectations for the peak in the policy rate have moderated to about 3.4% roughly by year-end. Cuts are then expected in 2023.

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