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Market Update: US Stock Futures Trade Flat at Multi-Week Lows
US Futures were mostly flat in overnight trade on Sunday following declines last week that saw the Dow tumbling more than 500 points to post their worst week since October. Investors liquidated reflation trades in the wake of a hawkish Fed after central bank signaled it might raise interest rates as early as 2023, a faster pace than initially thought; while Chair Jerome Powell said there had also been initial discussions about a bond-buying tapering. On top of that, comments from James Bullard, president of the St Louis Fed, about the prospects of an even earlier interest rate increase have put equities under increasing pressure. Last week, the Dow dropped 3.5% to 10-week lows, while the S&P 500 dipped 1.9% to 4-week lows and the Nasdaq lost 0.2%. [/s2If]
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