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Concerns around global growth reverberated across world markets,
with Chinese shares marking their biggest slump since the
pandemic-led selling in February 2020 and European stocks
falling to their lowest in over a month on fears of strict
restrictions in China.[MKTS/GLOB]
U.S.-listed Chinese shares like JD.com Inc, Alibaba Group
Holdings Ltd and Baidu Inc declined between 2.9% and 4.4% in
premarket trading.
Investors were also on edge at the start of a week that will see
megacap companies like Google-parent Alphabet Inc, Microsoft
Corp, Facebook owner Meta Platforms Inc, Amazon.com Inc and
Apple Inc publish quarterly results. Their shares fell between
0.5% and 1.0%.
Disappointing results from pandemic darling Netflix along with
surging bond yields pummeled high-growth stocks last week,
bringing year-to-date losses in the tech-heavy Nasdaq to 17.9%.
The benchmark S&P 500 is down 10.3% so far this year.
Traders are pricing in big moves by the Federal Reserve this
year to control inflation after a series of hawkish remarks from
policymakers. Fed Chair Jerome Powell last week gave a "go" sign
to a half-point rate hike in May and signaled he would be open
to "front-end loading" the U.S. central bank's retreat from
super-easy monetary policy.
Money markets expect the Fed to raise interest rates by a half
point at the central bank's next two meetings. [IRPR]
At 07:04 a.m. ET, Dow e-minis were down 236 points, or 0.7%, S&P
500 e-minis were down 32.5 points, or 0.76%, and Nasdaq 100
e-minis were down 101.5 points, or 0.76%.
Among other stocks, Coca-Cola Co slipped 1.1% even as its
results beat quarterly revenue expectations.
Twitter Inc gained 2.1% after reports that it kicked off deal
negotiations with Tesla Inc chief Elon Musk.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Maju
Samuel)
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