Futures climb, Twitter slumps as Musk puts deal on hold

[May 13, 2022]  (Reuters) - U.S. stock index futures rebounded on Friday at the end of a bumpy week marked by rising concerns over tighter monetary policy and slowing economic growth, while Twitter plunged after Elon Musk put his deal for the social media company on hold.

 A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri

Twitter Inc slid 17.5% in premarket trading after the Tesla Inc chief executive said the $44-billion deal was "temporarily on hold", citing pending details on spam and fake accounts.

Shares of Tesla jumped 5.3% after tumbling 27% since the Twitter deal was announced last month.

Other tech and growth stocks Meta Platforms, Google-owner Alphabet Inc, Microsoft Corp, Apple Inc, Amazon.com and Nvidia Corp rose between 1.2% and 3.4% after falling for most part of the week.

Wall Street has gyrated wildly this week on concerns that Russia-Ukraine crisis, fast-rising inflation, COVID-19 lockdowns in China coupled with hawkish Federal Reserve policy moves could spark a global economic slowdown.

On Thursday, the S&P 500 index came within a striking distance of confirming it had entered a bear market after swooning from its all-time high reached on Jan. 3. The tech-heavy Nasdaq is already in a bear market, down 29.1% from its record close in November last year.

At 06:39 a.m. ET, Dow e-minis were up 249 points, or 0.79%, S&P 500 e-minis were up 45 points, or 1.15%, and Nasdaq 100 e-minis were up 208.75 points, or 1.75%.

(Reporting by Devik Jain in Bengaluru; Editing by Sriraj Kalluvila)

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