Stocks, futures decline as tech slides; euro advances

Stocks, futures decline as tech slides; euro advances

Stocks















Bloomberg

Stocks declined on Tuesday after a profit warning from Snap Inc weighed on technology shares and fuelled concerns about risks to economic growth.

Tech shares were among the worst performers in Europe’s Stoxx 600, while Nasdaq 100 futures tumbled more than 2% and Chinese tech stocks by more than 4%. S&P 500 futures fall, just as the benchmark was starting to pull back from the brink of a bear market amid fears the Federal Reserve’s tightening could hurt economic growth.

The dollar was little changed, while Treasuries advanced. The euro climbed above $1.07 for the first time in four weeks as European Central Bank President Christine Lagarde said the currency bloc has reached a “turning point” in monetary policy and rejected the idea that the region is heading for a recession, but said the ECB won’t be rushed into withdrawing monetary stimulus.

Europe’s two largest economies kept growing in May as they benefited from a sustained rebound in services that offset fallout from Russia’s invasion of Ukraine. Meanwhile, the pound falls after a report show UK economy faces an increasing risk of falling into a recession as firms