HomeBusinessFutures climb, Twitter slumps as Musk puts deal on hold
Futures climb, Twitter slumps as Musk puts deal on hold
May 14, 2022
NEW YORK, May 14 — US stock index futures rebounded yesterday 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.
Twitter Inc slid 17.5 per cent in premarket trading after the Tesla Inc chief executive said the US$44-billion deal was “temporarily on hold”, citing pending details on spam and fake accounts.
Shares of Tesla jumped 5.3 per cent after tumbling 27 per cent 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 per cent and 3.4 per cent 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 January 3. The tech-heavy Nasdaq is already in a bear market, down 29.1 per cent from its record close in November last year.
At 06.39am ET, Dow e-minis were up 249 points, or 0.79 per cent, S&P 500 e-minis were up 45 points, or 1.15 per cent, and Nasdaq 100 e-minis were up 208.75 points, or 1.75 per cent. — Reuters