Stock futures fell Friday as fretted over the state of the global banking system once again.
Futures tied to the Dow Jones Industrial Average slid more than 250 points, or 0.9%. S&P 500 futures dipped 0.7%, while Nasdaq-100 futures were 0.4% lower.
Deutsche Bank’s U.S.-listed shares slid 7.7% in the premarket after the the German lender’s credit default swaps jumped. The move appeared to raise concerns once again over the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival UBS.
“The rich rule over the poor,
and the borrower is slave to the lender.” Proverbs 22:7
Shares of major U.S. banks were also under pressure. Bank of America and Wells Fargo fell more than 2% each, while JPMorgan Chase and Citigroup both dipped more than 1%.
Wall Street is coming off a volatile session Thursday that ultimately ended with the major averages posting solid gains. The Nasdaq Composite posted the largest gain, at 1%, as technology shares continued to rally on a hunch that interest rate hikes would be coming to an end. The S&P 500 ended around 0.3% higher, while the Dow finished up 0.2%.
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