Stock market today: stocks fall, yields rise, fear of recession

US stock futures extended declines in a fourth straight session Friday, while global equities fell to their lowest level in two years as investors pulled out of risk markets amid aggressive signals from central banks and slumping global growth.

The Federal Reserve’s 75 basis point rate hike earlier this week, the third in a row, was mirrored this week by both movements and rhetoric from central banks around the world, which pushed up benchmark borrowing costs and tapered global equities.

Further jumbo rate hikes are also on the horizon, with the CME Group’s FedWatch indicating a 77.1% chance of another 75 basis point increase in November, down from 0% at the end of August.


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