FILE - Flags adorn the facade of the New York Stock Exchange, Wednesday, June 16, 2021. – Wall Street futures followed global markets lower Tuesday amid a bevy of U.S. earnings reports and an update on economic growth.Dozens of the nation's biggest companies, including Microsoft and Amazon, are due to report earnings this week.General Motors jumped more than 3% after strongand the company raised guidance based on expectations that demand will remain robust.
If the economy cools, tech stocks will face a “difficult environment” maintaining the high stock prices that have helped to buoy the market, Edward Moya of Oanda said. Higher rates have slowed U.S. housing sales by making mortgages more expensive. Manufacturing and other areas of the economy have also shown pain, while the job market has stayed resilient.
The Kospi in Seoul fell 1.4% to 2,489.02 after South Korea reported unexpectedly strong economic growth in the first quarter, avoiding a technical recession. Korean economic activity expanded by 0.3% over the previous three-month period, rebounding from a 0.4% contraction.
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