Markets Wrap up Volatile Week with Friday Futures Down



U.S. stock futures were lower on Friday to wrap up a volatile week on Wall Street.

Futures for the Dow Jones Industrials staggered 110 points, or 0.3%, to 34,533.

Futures for the S&P 500 dropped 18.75 points, or 0.4%, to 4,419.25

Futures for the NASDAQ Composite Index slid 89.5 points, or 0.6%, to 15,214.

The major averages have wiped out the steep losses earlier this week and are on pace to post a winning week heading into Friday. The Dow is up 0.5% week to date, on pace to break a three-week losing streak. The S&P 500 have gained 0.4% this week, and the NASDAQ is up about 0.1%.

A crackdown on bitcoin by China was hurting market sentiment overnight, especially with technology shares. China’s central bank said all cryptocurrency related activities are illegal. Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said.

Bitcoin dropped 5% and ether lost 9%.

Crypto-related stocks fell in pre-market trading. Coinbase lost more than 3%. Robinhood shed 2%. Square was off by 1.6%.

Nike shares fell 5% in premarket trading after the sneaker giant reported quarterly revenue that missed analysts’ expectations due to softening demand in North America. The company also lowered its fiscal 2022 outlook because of supply chain issues out of Vietnam.

Overseas, in Japan, the Nikkei 225 gained 2.1%, while in Hong Kong, the Hang Seng sank 1.3%

Oil prices docked six cents to $73.24 U.S. a barrel.

Gold prices gained $2.60 to $1,752.40 U.S. a pound.

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